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Technology Stocks : Softbank Investment International (HK0648)

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To: ms.smartest.person who wrote (156)	2/20/2000 1:08:00 PM
From: Labrador	of 615

Yu brothers sell Cheung Wah shares for up to 1.73 bln hkd 02/18/2000 AFX (AP) Copyright 2000 AFX News; Source: World Reporter (TM) Yu Kam Wai and Yu Kam Yuen, brothers of Cheung Wah Development Co Ltd's former controlling shareholder Lawrence Yu, have appointed Jardine Fleming to place up to 100 mln existing Cheung Wah shares for between 13.10-13.55 hkd, the Hong Kong Economic Journal reported. The underwriter has an over-allotment option of 28 mln shares, to be exercised within one month, it said. If the option is exercised at the top end of the price range, the brothers will be able to raise 1.73 bln hkd, it said. Lawrence Yu has made an undertaking not to sell any of his 162 mln Cheung Wah shares, or 20.21 pct of the company. The takeover by Softbank of Cheung Wah will be completed on March 14, it said. The newspaper said Cheung Wah shares will be suspended today. Cheung Wah shares were down 0.95 at 14.25 hkd yesterday.

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