Somebody thinks this stock is worth a lot. News just out:
Monday September 21, 6:54 pm Eastern Time
Company Press Release
China Pacific Inc. Announces Management Buyout
LOS ANGELES--(BUSINESS WIRE)--Sept. 21, 1998--China Pacific Inc. (Nasdaq
SmallCap:CHNA - news) Monday announced that, on Sept. 14, Great China Industries Ltd. purchased 3,271,429 shares of
the company's common stock from C.P. Investment Ltd., at a price of $0.276 per share, or $903,225.
The beneficial owner of Great China Industries Ltd. is Thomas Tong, who is the acting president, chief financial officer and a
director of China Pacific Inc., as well as a director of Chengdu Chengkang Iron and Steel Co. Ltd., the company's 60 percent
owned joint venture subsidiary.
Tong has stated that he is currently evaluating the cost- reduction program and a restructuring of the China Pacific group
companies, with the goal of mitigating the company's financial burden.
A new team will carry on the negotiations with the holders of the company's approximately $15.0 million in 9 percent
convertible notes, regarding the terms of the notes. Although the outcome is still not certain, Tong hopes that a satisfactory
agreement can be reached.
China Pacific is a leading producer of steel and iron products in Sichuan Province, the People's Republic of China, through its
majority interest in Chengdu Steel.
Additional corporate information is available at the company's Web site, www.chinapacific.com, or contact China Pacific at
562/433-1882.
Contact:
China Pacific Inc., Los Angeles
562/433-1882 |
