 |
|
  |
2007-12-3 12:34:00 p.m. HKT, XFNA
HK's KPI buys extra 20 pct of foodstore chain Shanghia Hualian for 138.5 mln
|
| |
hkd
Please write your own byline and save in your preferences
HONG KONG (XFN-ASIA) - KPI Co Ltd said its stake in in supermarket
operator Shanghai Hualian Ltd will rise to 60 pct when its wholly owned KPI
(BVI) Retail Management Co Ltd unit acquires 100 pct of Bestjoy International
Ltd for a total consideration of 138.5 mln hkd.
Bestjoy International owns 20 pct of Shanghai Hualian, which has
supermarkets in Shanghai and eastern China. The KPI unit agreed to buy
Bestjoy from Time Galaxy Ltd and Time Region Holdings Ltd.
Of the total purchase price, 110.8 mln hkd will go to Time Galaxy, of
which 64.35 mln hkd will be offset by loans which it owes to KPI. Time Galaxy
will receive 15.65 mln in cash and 30.8 mln in the form of new KPI shares at
0.450 hkd apiece.
Time Region will receive 27.7 mln hkd, also in the form of new KPI shares
at 0.450 hkd apiece.
The issuing price of 0.450 hkd represents a discount of 4.26 pct to the
last closing price of 0.470 on Nov 28.
As a result of the new share issues, KPI chairman Cheung Siu Lam and his
wife Lo Wan will see their stake in the company decrease to 35.85 pct from 38.
78 pct. Time Galaxy and Time Region will hold 3.97 pct and 3.57 pct,
respectively, of KPI.
At 11:45 am, shares of KPI Co were traded at 0.50 hkd, up 0.03 hkd or 6.
38 hkd.
( 1 usd = 7.8 hkd)
george.ng@xfng.com xfngn/xfjamesa
MMMM
AFN |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
