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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (1489)6/26/2001 2:10:15 AM
From: ms.smartest.person   of 2248
 
[OT] ICG Asia Settles Payment for Stake in Dotcom; Up 10.2%
Jun 26, 2001 - 11:33:28 HKT
Quamnet News Service
ICG Asia Ltd. (0715), a toymaker that also invests in the Internet, surged as much as 14.3 percent after saying that it will settle payment for a stake in MegaVillage.com by converting its preference shares in the dotcom.

At 11:28 a.m. local time, its shares were up 10.2 percent at 54 HK cents, the second largest percentage gainer on the main board. Turnover was HK$34.4 million, nearly 60 percent of its total last Friday.

ICG Asia said it will convert its preference shares in Internet-based consumer product trader MegaVillage.com into 45 million ordinary shares and sold them to the dotcom, a move which will reduce its stake in the dotcom to 19.9 percent.

ICG Asia agreed last year that it would pay US$10 million to buy MegaVillage.com, payment of which will be settled in two installments.

The sale of 45 million ordinary shares to the dotcom will offset its second installment of US$5 million to the dotcom.

ICG Asia said the latest agreement will help settle its promised payment to the dotcom without affecting its cash resources.

ICG soared 22.6 percent last Thursday after Hutchison Whampoa Ltd. (0013) confirmed plans to buy out the company, but soon retreated to 49 HK cents the day followed.
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