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2007-12-10 06:47:00 p.m. HKT, XFNA
Global Sources to sell stake in HC International for 12.3 mln usd
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BEIJING (XFN-ASIA) - Global Sources Ltd (NASDAQ:GSOL) said it and its
wholly-owned subsidiary, Trade Media Holdings Limited have agreed to sell 62,
652,000 shares in HC International to IDG Technology Venture Investment III
LP (IDG) for around 12.3 mln usd.
The shares represent approximately 12.71 pct of the total issued share
capital of HC International, the company said.
The share will be sold at 1.5352 hkd or 0.1968 usd per share,
representing a 30 pct premium to the HC closing price of 1.1800 hkd per share
on Dec 7, it said.
The deal is slated to be completed this month, it noted.
After the deal, Global Sources and Trade Media Holdings will cease to be
a substantial shareholder of HC International and Global Sources is expected
to record a gain of about 2.0 mln usd, it noted.
kelly.zang@xfn.com
kz/kmq xfnkz/xfnkm
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