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2007-7-3 12:04:00 p.m. HKT, XFNA
HK-listed Grandtop Intl buys 29.9 pct of Birmingham City FC for 14.95 mln stg
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HONG KONG (XFN-ASIA) - Grandtop International Holdings Ltd said that it
has agreed to buy a 29.9 pct stake in Birmingham City Plc , the parent of
Birmingham City FC, for a total cash consideration of 14.95 mln stg.
The club has been promoted to football's English Premier League for the
2007-08 season.
Birmingham City is currently listed on the London Stock Exchange's
Alternative Investment Market.
Grandtop said its proposed investment in Birmingham City is aimed at
diversifying the group's business and finding additional sources of income.
It said the group is currently engaged in apparel sourcing, trading and
sales support services, a business which has become highly competitive.
Grandtop said that Carson Yeung, a substantial shareholder of the
company, introduced the proposed acquisition to the group.
It said that in the event that Grandtop shareholders do not approve the
proposed acquisition or are unable to find third-party financing for the
transaction, Yeung has undertaken to buy the Birmingham City shares in his
personal capacity.
At 12.00 noon, Grandtop was up 0.11 hkd or 6.67 pct at 1.76.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/kmq
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