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Hong Kong's HKC offers to buy out JIC

Mon Mar 3, 2008 8:16pm EST

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HONG KONG, March 4 (Reuters) - Property to alternative energy investment firm HKC (Holdings) Ltd (0190.HK) said it will pay HK$397.5 million (US$51 million) for a controlling stake in JIC Technology Co Ltd (0987.HK), making JIC the main vehicle for the company's alternative energy business.

HKC said it would buy 74.99 percent of JIC, or 572.59 million shares, from Nam Tai Electronics Inc (NTE.N) at HK$0.69414 each, representing a 22 percent discount to the stock's closing price of HK$0.89 on Feb. 19 prior to a trading suspension.

HKC would also make a mandatory unconditional cash offer for all the outstanding shares it did not already own in JIC at HK$0.695 each.

HKC said any new investment in alternative energy businesses in wind power, biofuel, and biomass projects would be conducted through JIC, which will maintain its listing status on the main board. For details please see here

Trading in shares of both HKC and JIC will resume on Tuesday. (US$1=HK$7.8) (Reporting by Donny Kwok; Editing by Anne Marie Roantree)



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