[00-2-16] China Rich Sells Off Remaining Outblaze Shares
By Michelle Phoon, IT Daily.
HONG KONG, CHINA,
16 Feb 2000, 10:58 AM CST
China Rich Sells Off Remaining Outblaze Shares 02/16/00 HONG KONG, CHINA, 2000 FEB 16 (NB) -- By Michelle Phoon, IT Daily. China Rich Technology (CR Technology) has agreed to sell the remainder of its Outblaze shares to Richard Lis Pacific Century CyberWorks Asianet System Group for US$26.7 million.
For founder and chief blaze of Outblaze, Yat Siu said it means that the company has grown to a new level. China Rich had been overseeing the company's financial management, but with this move, Siu said, Outblaze is mature enough now that it does not need such management anymore.
The move also means, Siu said, that the Pacific Century group will be the largest shareholder next to himself. As to how much that would be, Siu said, "It is definitely going to be over 40 percent." The remaining shares will be owned by himself and Japanese stock exchange-listed technology company Hikari.
The company will also be choosing its chief financial officer as a result of the announcement.
Siu added that the offer was a cash consideration. Asianet already held 20 percent of the company since August, 1999. More Outblaze equity was sold to Hikari in October 1999 and CR Technology's shareholding was reduced to its present level of 28 percent. China Rich bought into Outblaze for HK$4.5 million in mid-1999.
Reported by Newsbytes.com, newsbytes.com .
10:58 CST
(20000216/WIRES ASIA, ONLINE, BUSINESS/)
© 2001 The Washington Post Company
newsbytes.com |
