B-Tech unit sells entire interest in Easycom for 44.29 million hkd

B-Tech (Holdings) Ltd (0412) said its wholly-owned unit Coupeville Ltd has disposed of its entire interest in Easycom Ltd for 44.29 mln hkd to Offshore Finance Group Inc. In a statement, the company said the consideration comprises 14.79 mln hkd in cash and a facility of 29.5 mln hkd secured by some property assets in the mainland held by Easycom. The facility will be paid to vLink Global Ltd, which is the mortgagee of the property assets, it said. vLink owns a 33 pct interest in B-Tech, it said. It said the property assets were acquired in Jan 2000 at a cost of 88 mln hkd, but their valuations were subsequently written down to 50 mln as of March 2001. The group is expected to incur a loss of about 5.7 mln hkd as a result of the disposal, it added.

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