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2007-11-12 05:50:00 p.m. HKT, XFNA
HK-listed Global Green Tech sees up to 1.1 bln hkd gain from unit's spinoff
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HONG KONG (XFN-ASIA) - Global Green Tech Group Ltd said it expects to
make a gain of between 760.16 mln hkd and 1.1 bln hkd from the proposed
spinoff of its unit, Bio Beauty Group Ltd (BBG), by way of a listing on the
main board of the Hong Kong stock exchange.
As it is still waiting for an official go-ahead for its inital public
offering (IPO), Global Green said it has yet to finalize the details of it
launch, including the date.
It said separate listings of Global Green and BBG will be beneficial to
both companies as they have different growth paths and business strategies.
After the proposed spinoff, Global Green will focus on the manufacture
and sale of household products, industrial products, biotechnology products
with medical applications, as well as investment and trade in marketable
securities, bonds, foreign currencies and other investment instruments.
BBG will entirely focus on the manufacture of skincare products and color
cosmetics.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/kmq
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