Greater China Sci-Tech unit Pam & Frank wound up/sets up new unit

HONG KONG (AFX-ASIA) - Greater China Sci-Tech Holdings Ltd said it has wound up its subsidiary, Pam & Frank Industrial Co Ltd, and set up a new subsidiary, Royal Treasure Industrial Ltd, to continue its major operations.	    In a statement, the company said a proposed scheme of arrangement for Pam & Frank was dismissed in court and subsequently on Feb 5, the court wound up Pam & Frank.	    The company said the winding up of Pam & Frank will not have a material adverse effect on the operations of the company.	    It said Royal Treasure, which is involved in the procurement and manufacture through sub-contractors of products like handbags, briefcases and golf bags, has an average monthly turnover of about 5.0 mln hkd.	    The group has debts totalling 135 mln hkd as of end-February, which are all in default.	    However, none of its lenders have demanded immediate repayment and written standstill agreements have been reached with regards to two of the debts, the company said.

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