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2007-5-15 03:14:00 p.m. HKT, XFNA
Hong Kong's Tian An China sells entire 54.77 pct stake in Shanghai Allied
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Cement
HONG KONG (XFN-ASIA) - Tian An China Investment Co Ltd said it has agreed
to sell its entire 54.77 pct stake in Shanghai Allied Cement (SAC) for 274.8
mln hkd to COL Capital Ltd and other institutional investors, as part of
plans to dispose of non-core assets.
The company said in a statement it placed 399.5 mln SAC shares at 0.70
hkd each, representing a discount of 62.57 pct to SAC's closing price of 1.
87 on May 13.
Tian An said that COL Capital will be buying 124 mln of the placed SAC
shares, bringing to 26.99 pct its stake in the company. COL holds a 10 pct
stake in SAC before the deal.
The company said it will use the proceeds of the share sale for general
working capital purposes.
Tian An said that by disposing of non-core businesses it could focus on
its core business of property development and hotel operations.
In midafternoon trade, Tian An was down 0.025 hkd or 0.45 pct at 5.55,
while Shanghai Allied Cement was up 0.13 hkd or 6.91 pct at 2.01.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
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