Semi-Tech subsidiary Akai Electric Co. Ltd. disposes of unutilized lands.MARKHAM, Ontario--(BUSINESS WIRE)--May 24, 1996-- Semi-Tech Corporation ("Semi-Tech") announced today that its affiliate Semi-Tech (Global) Company Limited issued the following press release concerning the sale of Akai Electric Co. Ltd.'s Saitama property and buildings. Semi-Tech Corporation 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 $4.0 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 under the symbol SEM.A and trade in the United States 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.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, and are traded on the over-the-counter market in the United States through a sponsored ADR program under the Symbol SITGY. Akai Electric Company Ltd. shares are listed on the First Sections of The Tokyo, Osaka and Nagoya Exchanges under the Code Number 6802. AKAI DISPOSES OF UNUTILIZED LAND ASSETS Hong Kong, May 24, 1996 SemiTech (Global) Company Limited ("Semi-Tech") announces that, Akai Electric Co. Ltd. ("Akai" or "Company"), a 55% owned subsidiary of Semi-Tech, has today made an announcement regarding the disposal of its Saitama Establishment (including land and buildings) to Nikkyo Co., Ltd. for a cash consideration of approximately Y2,745 million. The Saitama Establishment had been closed down at the end of March 1996 following the transfer of its VCR VCR: see videocassette recorder. VCR in full videocassette recorder Electromechanical device that records, stores on a videotape cassette, and plays back on a TV set recorded images and sound. production overseas. The property was sold for better utilization of the Company's assets and the cash proceeds will be used for working capital purposes. An exceptional loss of approximately Y800 million will be generated from the disposal of this property and will be reflected in the interim results for half year ending in September 1996. Semi-Tech is a Bermuda corporation whose ordinary shares are listed on The Stock Exchange of Hong Kong Stock Exchange of Hong Kong (SEHK) Only stock exchange located in Hong Kong. Limited under the symbol 448. The ordinary shares of Semi-Tech are also traded in the over-the-counter market in the United States through a sponsored ADR program under the symbol SITGY. Akai is a Japan public company whose shares are listed on the First Sections of the Tokyo Stock Exchange Tokyo Stock Exchange Main stock market of Japan, located in Tokyo. It opened in 1878 to provide a market for the trading of government bonds newly issued to former samurai. , Osaka Securities Exchange Osaka Securities Exchange (OSE) Established after World War II, one of the three major securities markets in Japan. and the Nagoya Stock Exchange Nagoya Stock Exchange Established after World War II, one of the three major securities markets in Japan. under Code Number 6802. CONTACT: Mr. Michael H. List Vice President-Corporate Development SEMI-TECH CORPORATION 905/475-2670 Ext. 227 or Mr. Domine Ko Semi-Tech (Global) Company Limited Tel No: (852) 2524 1043 Hong Kong Fax No: (852) 2845 3558 Hong Kong |
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