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Microcap & Penny Stocks : LGOV - Largo Vista Group, Ltd.
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To: LORD ERNIE who wrote (4652)9/1/1999 5:27:00 AM
From: jmhollen  Read Replies (1) of 7209
 
"...From the jus' so's ya know Department..."

BEIJING, Aug. 31 — The Industrial and Commercial Bank of China has approved a credit package worth nearly $600 million for one of China's largest television makers, the official newspaper China Daily reported Tuesday. The money, to be allotted over an unspecified number of years, will fund the development of multimedia products and digitalization of a cable television network, the report said.

THE BANK will provide Sichuan Changhong Electrical Appliance Co. loans, letters of credit and other forms of funding totaling 4.1 billion yuan ($596 million).

Changhong used to be China's largest television maker, a title now claimed by rival Konka Group Co. Last week, Changhong announced a 32 percent drop to 434 million yuan ($52.5 million) in its net profit for the first half of the year ending June 30. The company attributed the poor results to “a grim economic situation” and intensifying competition in the domestic home appliances market.
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