Cheung Kong rumored to purchase 5% stake of Ngai Lik

Cheung Kong (Holdings)(0001) was rumored to invest more than HK$70 mln to buy 5% Ngai Lik Ind W0003 (0809)Ngai Lik will make initial public offerings tomorrowNgai Lik plans to issue 320 mln new shares at price of HK$1 to HK$1.4, accounting for 25% of enlarged asset.90% new shares will be issued as international placement and 10% will be offered to the public. The placement sector ended last week received warm response and was over subscribed. Ngai Lik is about to be listed on main board on March 16,2000.

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