Semi-Tech (Global) Company Limited subsidiary, Akai Electric Co. Ltd., announces sale of property.MARKHAM Markham City (pop., 1991: 154,000), southeastern Ontario. It is situated on the Rouge River, northeast of Toronto. Settled in 1794, the town was named for William Markham, archbishop of York. It annexed the nearby township of Markham in 1971. , Ontario--(BUSINESS WIRE)--March 27, 1997-- Semi-Tech Corp. ("Semi-Tech") announced today that Akai Akai (Akai Electric Company, Ltd. Traditional Chinese: 雅佳) is a consumer electronics brand, originally founded as a Japanese manufacturer in 1929. Electric Co., Ltd. ("Akai") issued the following press release concerning the sale of the head office property. Akai is a subsidiary of Semi-Tech (Global) Company Limited, an approximately 43% owned affiliate of Semi-Tech. Semi-Tech Corp. is a Canadian-based multinational company engaged in the global marketing and distribution of consumer products for the home, principally through its subsidiaries and affiliates. Companies within the Semi-Tech group have revenues in excess of $6.5 billion. Semi-Tech's shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (Class A: SEM.A; Class B: Sem.B). Class A shares are also listed on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg under the symbol SEM.A and in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. on the NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol SEMC SEMC Sony Ericsson Mobile Communications SEMC Sony Ericsson Mobile Communications, AB SEMC Structural Engineering Mechanics and Computation SEMC State Emergency Management Committee (Australia) SEMC Search Engine Marketing Council .F. Shares of Semi-Tech (Global) Company Limited are listed on The Hong Kong Stock Exchange The Hong Kong Stock Exchange (Traditional Chinese: 香港交易所, also 港交所; abbreviated as HKEX; HKSE: 0388 ) is the stock exchange of Hong Kong. under the symbol 448. The ordinary shares of Semi-Tech (Global) are also traded on the over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. in the United States through a sponsored ADR Sponsored ADR An ADR which is issued in co-operation with the underlying foreign company whose equity shares will underly the ADR shares. With the corporation's sponsorship, the ADRs created in the issue usually afford their owners the same rights normally given to stockholders, program under the symbol SITGY. Akai Electric Co. Ltd. shares are listed in the First Sections of the Tokyo, Osaka and Nagoya Exchanges under the Code number 6802. Visit our Web site at: http://www.semi-tech.com . -0- The Stock Exchange of Hong Kong Stock Exchange of Hong Kong (SEHK) Only stock exchange located in Hong Kong. Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever how·so·ev·er adv. 1. To whatever degree or extent. 2. By whatever means. arising from or in reliance upon the whole or any part of the contents of this announcement.
SEMI-TECH (GLOBAL) COMPANY LIMITED
(Incorporated in Bermuda with limited liability)
ANNOUNCEMENT OF SALE OF PROPERTY BY AKAI ELECTRIC CO., LTD.
The Directors of Semi-Tech (Global) Company Limited ("Semi-Tech")
announce that Akai Electric Co., Ltd. ("Akai" or "Company"), a
65.9% owned subsidiary of Semi-Tech and listed in Japan, has today
announced the sale by Akai of the properties at its head office to
a third party as described below: -
1. Properties sold: Land and Buildings at 754 and 760-1
Higashi-Kojiya, Ohta-ku, Tokyo
2. Total Cash
Consideration: Approximately Yen 4.3 billion in total
(approximately HK$270.5 million)
3. Purchaser: SEGA Enterprises Ltd.
4. Contract Date: 27th March, 1997
5. Completion Dates: Yen 2.1 billion (approximately HK$132.1
million) on 27th March 1997
Yen 2.2 billion (approximately HK$138.4
million) by 31st July 1997
6. Reasons for the disposal and effects on profit and loss
account.
The sale of the Properties is in line with the Company's
planned strategy of liquefying fixed assets to reduce bank
borrowings. The Company should benefit from an even
stronger financial position and also consolidate operations
when the Company's head office moves to Yokohama Factory (3-
1 Fukuura 2-chome, Kanazawa-ku, Yokohama) after the sale and
upon resolution of the Annual General Meeting to be held at
the end of June 1997.
As a result of the sale, the Company expects to have an
extraordinary gain on sale of approximately Yen 1.7 billion
(approximately HK$106.9 million) for the Fiscal Year ended
on 31st March, 1997 and Yen 1.1 billion (approximately
HK$69.2 million) in the following fiscal term. The net
profit before tax for the Fiscal Year ended on 31st March,
1997 will remain the same as the previous forecast (as
announced on 25th November, 1996 both in Japan and Hong
Kong) of Yen 1.7 billion (approximately HK$106.9 million)
since the Company intends to make certain restructuring
provisions for this fiscal term.
By Order of the Board
James H. Ting
Group Executive Chairman
& Chief Executive
Hong Kong, 27th March, 1997
Note: The yen denominated figures contained herein have been
converted into Hong Kong dollars at the rate of 100 yen =
HK$6.29.
CONTACT: Semi-Tech Corp. Mr. Michael List, Vice President - Corporate Development 905/475-2670, Ext. 227 |
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