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Technology Stocks : Nam Tai Elec. (NTAI)

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To: Jeff Egg who wrote (1434)	5/27/1998 1:09:00 AM
From: j rector	Read Replies (2) of 1696

Applied Intl unit sells Group Sense shrs HONG KONG, May 27 (Reuters) - Applied International Holdings Ltd (0519.HK) said its wholly-owned unit Batimate Ltd had sold 197.73 million shares in Group Sense (International) Ltd for HK$122.59 million to Nam Tai Electronics Inc (NTAIF - news). Net proceeds of about HK$121.8 million are due to be used as working capital, Applied said in a statement on Wednesday. The shares sold represent about 19.7 percent of Group Sense's issued share capital and the price was equivalent to HK$0.62 per share, the closing price of Group Sense on Tuesday. Applied International said the sale would lead to a surplus of about HK$51.8 million over the book cost of Baltimate's interest in Group Sense. ''While the directors continue to have a positive view of the future of Group Sense, in view of the surplus, the directors believe that the disposal represents a good opportunity to dispose of such interests,'' it said. The Applied Group will continue to hold three million shares in Group Sense for investment purposes. PLus, they got a CFO and another accountant. Noticed that the bid had dropped to 1.875 even tho the share price had risen. Go figure. ANy comments?

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