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2007-6-26 10:47:00 a.m. HKT, XFNA
Hong Kong-listed Yu Ming Investments sells stakes in two units for 180 mln hkd
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HONG KONG (XFN-ASIA) - Yu Ming Investments Ltd said it has entered into
an agreement to sell its 60 pct stake in IEC Investments Ltd and its 40 pct
stake in AsiaWorld Expo Management Ltd for a total of 180 mln hkd.
The stakes are being sold to Dragages Hong Kong Ltd, which will also take
over a shareholder's loan that Yu Ming earlier provided to IEC Investments.
As of the end of last month, IEP Investments was supposed to repay Yu
Ming a loan of about 94 mln hkd.
After the Dragages transaction is completed, Yu Ming will no longer have
any interest in both IEC Investments and Asiaworld Expo Management.
AsiaWorld Expo Management is principally engaged in the daily operations
of AsiaWorld Expo, the 66,000 square meter exhibition center located next to
the Hong Kong International Airport.
IEC Investments' sole asset is a 13.5 pct stake in a joint venture
company which owns the right to operate AsiaWorld Export from August 2003 to
March 2031.
Yu Ming said the estimated 179 mln hkd net proceeds from the stake sales
will be used for other investment opportunities.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com xfnjcc/xfnrc
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