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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (1521)	7/3/2001 10:19:17 AM
From: ms.smartest.person	Read Replies (1) of 2248

OT [TSGTY] Tsingtao Brew(0168) buys 51% Tee Yih Jia at RMB85M 2001-07-03 10:19 (Infocast News) Tsingtao Brewery (0168) released an announcement for the acquisition of 51% equity interest in Tee Yih Jia (Fujian) Brewery Co. Ltd at an aggregate consideration of RMB85 million. As at 30 April 2001 the net asset value of Tee Yih Jian was RMB145.11 million while the book value was RMB84.09 million. The current acquisition price represents a premium of 14.8% to the abovementioned net asset value. Tsingtao Brewery will resume trading this morning. Tee Yih Jia is a wholly foreign owned enterprise. It is solely owned by Fujian Brewery (S) Pte Ltd with a registered capital of approximately RMB26.828 million. In 1999 it lost RMB9.35 milion. Last year it turned into the black with a profit of RMB18.46 million. Tsingtao Brewery said the acquisition is beneficial to the company as far as expansion of market in Fujian is concerned. It is also part of the company's long term strategy in consolidating its market share throughout the PRC and perfecting its overall market planning.

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