雷火电竞app苹果版-电子竞技平台

Kingboard Chemical Aquires 55% Equity Interests in Legend Techwise

Kingboard Chemical Aquires 55% Equity Interests in Legend Techwise Posted on 07 Jan 02

KINGBOARD CHEMICAL
HOLDINGS LIMITED

KINGBOARD CHEMICAL ACQUIRES 55% EQUITY INTERESTS
IN LEGEND TECHWISE

Hong Kong, January 7, 2002 - Kingboard Chemical Holdings Limited ("Kingboard Chemical") (Stock code: 148.HK) and Legend Holdings Limited ("Legend") (Stock code: 992.HK) today entered into a sale and purchase agreement of which Kingboard will acquire 55% equity interests in Legend Techwise Circuits Limited ("Legend Techwise"), a manufacturer of printed circuit boards ("PCB") currently owned as to 85.5% by Legend.

According to the agreement, Kingboard Chemical will acquire 55% equity interests in Legend Techwise from Legend and 2% from an independent third party at a consideration of HK$229,625,000 and HK$8,350,000 respectively. After completion, Kingboard Chemical and Legend will hold a 57% and 30.5% equity interests in Legend Techwise respectively.

Legend Techwise and its subsidiaries altogether have a total workforce of approximately 2,400, with an unaudited net tangible asset value of approximately HK$159.3 million as at November 30, 2001 and audited profits after taxation of approximately HK$73.5 million for the year ended March 31, 2001. Kingboard Chemical continues to be a major supplier of laminates to Legend Techwise after the acquisition.

"Apart from generating additional revenue for us, the collaboration also represents a teaming of complementary expertise and market strengths of two leaders in related sectors. The integration of our strong market position and extensive overseas network with Legend Techwise`s connection with PCB users will help increase the depth and breadth in the capabilities of this PCB operation," noted Mr. Patrick WK Chan, Managing Director, Kingboard Chemical.

Ms. Mary Ma, Senior Vice President and CFO of Legend said, "We are very pleased to have Kingboard Chemical to be the major shareholder of Legend Techwise. With Kingboard Chemical`s abundant experiences in laminates business, this will be beneficial to the future development of Legend Techwise. Introducing partners to develop contract manufacturing business is consistent with our strategy in this area. Legend could therefore focus its management and financial resources on the development of its core businesses."

Legend Techwise is positioning for continued expansion both in mainland China and overseas through Kingboard Chemical`s existing network. Mr. Chan continued, "Our investment in Legend Techwise is in line with our corporate strategy to branch into related businesses, and will provide our shareholders with an exciting opportunity to participate in the PCB market which registers a yearly global revenue of about US$40 billion."

Legend Techwise has a strong management team who collectively holds 10% of the company. The management will continue to serve the company with Kingboard Chemical`s participation in strategic and business developments.

About Kingboard Chemical Holdings Limited
Kingboard Chemical (SEHK: 148), the leading Hong Kong and PRC laminates manufacturer and one of the largest in the world, with more than 13 plants operating in different parts of China, has successfully integrated vertically in-house the production of copper foil, glass fabric, bleached kraft paper and epoxy resin needed for its laminates business. The Group has the honour of being named one of the "World`s 200 Best Small Enterprises" by FORBES Global for two consecutive years in 2000 and 2001 and one of the "20 Best Managed Companies in Hong Kong" in an institutional investors survey conducted by Asia Money magazine in December 2000.

About Legend Holdings Limited
Legend Holdings Limited (HKSE stock code: 992; ADR stock code: LGHLY) is the largest IT corporation in China. Legend brand PC accounted for a market share of 30.6% in the PRC market in the first three quarters of 2001. It also acquired nearly 39% market share in the consumer market in the country. The Legend brand PC is also the No. 1 best seller in the Asia Pacific region (excluding Japan) and accounted for a market share of 12.5% for the first three quarters of 2001. The major businesses of Legend also include: the provision of information services, as well as the manufacturing and sale of handheld access devices, motherboards and printed circuit boards.

Prior to acquisition