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Article: IRICO BUYS 69.53% STAKE FROM IRICO GROUP
- Article from:
- AsiaInfo Services
- Article date:
- August 21, 2007
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AsiaInfo Services
08-21-2007
Irico Buys 69.53% Stake from Irico Group
XI'AN, Aug 21, 2007 (SinoCast via COMTEX) -- Irico Group Electronics Co., Ltd., a leading Chinese color picture tube (CPT) manufacturer, announced on August 18 that it has entered into an agreement with its parent company Irico Group Corporation on taking over a 69.53% stake in its sister company Irico Glass Co., Ltd., for CNY 280 million, an effort to accelerate its strategic transformation from CPT TV to flat panel TV.
The Hong Kong-listed company said in a statement that it will issue no more than 385 million new H-shares to close the deal.
Irico Glass, founded in October 2006 with total registered capital of CNY 120 ...