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2007-7-17 05:07:00 p.m. HKT, XFNA
Hong Kong-listed Paliburg to buy 180 mln Cosmopolitan shares in share swap
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deal
HONG KONG (XFN-ASIA) - Paliburg Holdings Ltd said it has conditionally
agreed to buy 180 mln shares of Cosmopolitan International Holdings Ltd
(CIHL) in a stock swap deal worth 126 mln hkd.
It said it will pay for the shares by issuing to the vendor, an
individual named Joseph Wan, a total of 336 mln new Paliburg shares.
The new shares will represent approximately 4.66 pct of Paliburg's
existing issued ordinary share capital and approximately 4.45 pct of its
share capital as enlarged by the issue.
Based on the consideration that Paliburg has agreed to pay, the issue
price of 0.375 hkd per new Paliburg share represents a premium of about 1.4
pct over the stock's closing price of 0.37 hkd last Thursday, the date of the
share swap agreement.
CIHL is involved in property development projects in China.
Paliburg said the deal provides an opportunity to invest in and capitalize
on the growing potential of the mainland real estate market.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/rc xfnjcc/xfnrc
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