401 Holdings Limited to take over a unit by issuing 600mln news shares

401 Holdings Limited (0401) announced to take over an unit at the cost of HK$6mln from the third independent party New Horizon Associates Limited, by issuing 600mln new shares at 1 HK cent each, which represents 4.04% of enlarged share capital. The seller promised to provide HK$1.5mln for financing for at least one year at monthly rate of 1% and provide guarantee for the property.. Constructional area of the units is 1876 square feet with monthly rental of HK$21600. The lease will be due at the end of March 2002.

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