Wah Fu acquires APC Capital

Wah Fu International Holdings Ltd. (0952), said it completed yesterday the acquisition of the Hong Kong operations of APC Capital (Holdings) Ltd., a local securities firm. Wah Fu said on June 11 that it would pay HK$90 million in cash and convertible notes to acquire APC. Completion of the deal makes APC a wholly owned subsidiary of Wah Fu. For the year ended Dec. 31, 2000, based on unaudited management accounts, the net profit after tax of APC's Hong Kong operations was HK$41.74 million.

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