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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (475)3/5/2001 1:11:17 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
Legend (0992) confirms going to spin off biz for listing

2001-03-05 13:19

(Infocast News) Legend Holdings Limited (0992) announced to be currently considering the possibility of certain businesses and/or assets reorganisation in line with its business development, which includes a possible application for a separate listing of shares in a new holding company of the aforesaid assets and/or businesses on the SEHK. The announcement is released under the requirement of the SEHK. The Company has also noted the recent decrease in the price and increase in the trading volume of the shares of the Company and wish to state that we are not aware of any reasons about the said movements.

It was rumoured last week that the Company had decided to spin off its subsidiary Digital China for listing and the progress will be announced officially in April at the fastest when the subsidiary would have been established for one year. The Company intends to have the subsidiary listed on GEM, Hong Kong and NASDAQ, US to raise about US$100 million.

Digital China, a wholly-owned subsidiary of the Company, was founded last April when the Company announced to divide its business into two main parts.

It is said that the results of Digital China as at the end of March, 2000 are satisfying: the retail sales of foreign computer brands increased by 32% to more than HK$5.55 billion and the turnover for 2001 is expected to be more than HK$10 billion while the operating profit is estimated to be over HK$200 million.

infocastfn.com
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