Hong Kong footwear manufacturer divests interests in holding group
20/08/2001
The Hong Kong-based footwear manufacturer and property holding firm Symphony Holdings Ltd said last week that it intends to sell 50% of its stake in Union Overseas Holdings Ltd to Inluck Investments Ltd, also of Hong Kong, for HK$54.82 million (US$7.03 million).
After the sale, Symphony will retain a 50 per cent interest in Union Overseas, which has a 17.15 per cent stake in US footwear brand, Converse. Net proceeds from the transaction, estimated at HK$54.3m, will be used as general working capital.
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