Tem Fat Hing unit buys 3.8 pct stake in Global Cyber for 38 mln hkd

HONG KONG (AFX-ASIA) - Tem Fat Hing Fung (Holdings) Ltd said its wholly-owned subsidiary Tem Fat Hing Fung Capital (BVI) Ltd has bought a 3.8 pct stake in Global Cyber Ltd for 38 mln hkd cash from Majestic Star Holdings Ltd. In a statement, the company said the consideration was settled using the company's internal resources. Global Cyber is an investment holding company. Its main asset is an 80 pct interest in Shanghai Dazheng Worldvest Technology Co Ltd which is involved in the research and development, and manufacturing of set-top boxes, servers and related operating software in relation to interactive video-on-demand systems. Global Cyber is 88.6 pct owned by Majestic Star while the remaining shares are held by three listed companies listed in Hong Kong and Singapore, the statement added.

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