Ching Hing purchases 66% of South Field for HK$10 mln

Ching Hing (Holdings) (0692) announced to buy 66% stakes of the U.S. textile company South Field (Pacific) Limited, at the price about 4.32 times P/E ratio. HK$6 mln will be paid in cash, while the other HK$4 mln be paid with 9.032 mln new shares at the price of HK$0.43 per share. The issue price is the same prise with the closing price yesterday. The new shares account for 4.44% of the enlarged stake.The main business of South Field is engaged in textiles, clothes and costumes.

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