MIDAS PRINTING<1172> - Announcement
The Stock Exchange of Hong Kong Limited (the `Stock Exchange') takes
no responsibility for the contents of this announcement, makes no
representation as to its accuracy or completeness and expressly
disclaims any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of
this announcement.
MIDAS PRINTING GROUP LIMITED
(Incorporated in the Cayman Islands with limited liability)
(the `Company')
COMPLETION OF SALE OF SHARES OF THE COMPANY
SUMMARY
The Company was informed by its controlling shareholder, ERI Holdings
Limited that completion of the sale and purchase agreement entered into
on 30th January, 2000 between ERI Holdings Limited, Mr. C.K. Lau, Gold
Throne Finance Limited and Moscow Profits Limited took place on 7th
March, 2000 whereby ERI Holdings Limited sold and Gold Throne Finance
Limited and Moscow Profits Limited purchased 80,000,000 shares of
HK$0.10 each representing 31.57% in the Company for an aggregate
consideration of HK$70,400,000 (equivalent to HK$0.88 per share),
subject to adjustments.
Upon completion, the interest of ERI and parties acting in concert
with it decreased to 8.97%.
The Company announces that completion (`Completion') of the sale and
purchase agreement dated 30th January, 2000 entered into between ERI
Holdings Limited, Gold Throne Finance Limited and Moscow Profits
Limited took place on 7th March, 2000 whereby ERI Holdings Limited
sold and Gold Throne Finance Limited and Moscow Profits Limited
purchased 80,000,000 shares of HK$0.10 each representing 31.57%
(instead of 33.77% as set out in the Company's announcement dated 2nd
February, 2000 due to the enlarged issued share capital of the
Company as a result of exercise of share options by employees of the
Company) in the Company for an aggregate consideration of
HK$70,400,000 (equivalent to HK$0.88 per share), subject to
adjustments.
The shareholding of the Company after completion is as follows:-
ERI Holdings Limited 8.97%
Gold Throne Finance Limited 23.68%
Moscow Profits Limited 7.89%
Public 59.46%
-------
100.00%
On completion of the Agreement, Martin Yue-Nien Tang (the
non-executive chairman) and Professor Chia Wei Woo (an independent
non-executive director), Ng Chun Kit, Wan Siu Kau (executive
directors) resigned as directors and Chan Sheung Chiu, , Li Mee Sum,
Lee Sai Wai and Kwong Tin Lap were appointed as new executive
directors and Chan Sheung Chiu was appointed as the chairman of the
board of directors of the Company.
By Order of the Board
Midas Printing Group Limited
Lam Mei Lan
Company Secretary
Hong Kong, 7th March, 2000
The directors of the Company jointly and severally accept full
responsibility for the accuracy of the information contained in this
announcement and confirm, having made all reasonable inquiries, that
to the best of their knowledge, opinions expressed in this
announcement have been arrived at after due and careful consideration
and there are no other facts not contained in this announcement, the
omission of which would make any statement in this announcement
misleading.
|