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Hong Kong:Yonglong hives off 80% stake in textile unit |
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2004-12-2
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Zhejiang Yonglong Enterprises said the company has agreed to sell a 80% stake in Shaoxing Gabriel Trading – in textile trading business, to Jin Weidong, an independent third party, for Yuan 4.8 million.
Pursuant to the agreement, Zhang Jinjun, who is beneficially interested in 20% of the equity interest in Shaoxing Gabriel Trading, agreed to give up his entitlement to purchase the 80% equity interest in Shaoxing Gabriel Trading.
Shaoxing Gabriel Trading is principally engaged in the. The unaudited net asset value of the company as at Dec 31, 2003 and Sept 30, 2004 were Yuan 6 million and $5.68 million respectively. The company recorded net loss of Yuan 316,799 for the nine months ended Sept 30, 2004. |
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