my mistake, Linda
thanx
from Quamnet.com
History
This telecommunications products manufacturer was formed in 1982 and became listed in 1994 by issuing 63.7 million shares at $1.20. Two years later locally listed China Strategic Holdings acquired 37% stake of the company, with Chambord Inv. Inc. retaining 37% stake in the company. In 1997, Star Telecom (now renamed into China Online) bought a total of 74% stake in the Co from China Strategic, its major shareholder, and Chambord Inv. In 1999, Richard Li injected a few property development projects in exchange for a controlling stake. Richard Li, through his Singapore listed arms, is now holding 77.8% stake on the company. There are 7.28 billion shares in issue.
Current
Loss for the six months to June, 1999, was $40 million, or 1.76 cents per share, after $24 million provision for diminution in value of certain properties of the Group. This compares with loss of $7.5 million for the preceding period. The board did not recommend the payment of an interim dividend for 1999. In August 99, Richard Li injected his 60% stake in Pacific Century Convergence (PCC), a company that is going to provide broadband satellite internet services in the near future. The remaining 40% stake in PCC is now held by Intel. If Intel exercise the put option to PC CyberWorks, it will hold 1 billion shares or 10.3% in PCCyberWorks. The new company has not yet produced its first result.
Future
The company attracts lots of attention and is now the favourite of many punters in Hong Kong. We would definitely leave it alone until it has performed. |
