Information  X 
Enter a valid email address

enterpriseAsia (EPA)

  Print      Mail a friend

Wednesday 14 November, 2001

enterpriseAsia

Acquisition of iAsia shares

enterpriseAsia.com PLC
14 November 2001


                        enterpriseAsia.com plc ('EPA')


                        Acquisition of shares in iAsia


On 11th September, 2001, EPA announced a shareholding restructuring in CFN
(UK) Ltd. ('CFN UK') which would result in EPA acquiring certain shares in
iAsia Technology Limited ('iAsia') while maintaining EPA's existing 44%
interest in CFN UK (the 'CFN UK Transactions').

On 28th September, 2001, EPA announced the successful merger of the business
operations of UFO Solutions Limited ('UFO Solutions') with CFN Hongkong
Limited ('CFN HK'). EPA has also announced the subsequent conditional disposal
of 35% of CFN HK by UFO Solutions and other CFN HK shareholders for a
consideration in the form of iAsia shares (the 'CFN HK Transaction'). Such
disposal is expected to bring a gross profit, before legal and administrative
expenses, of approximately HK$354,000 (approximately GBP31,000) to EPA.

CFN UK plans to offer value added services, specializing in Asian securities,
to brokers and financial institutions in the UK. CFN HK is engaged in
providing online real time financial information and online trading systems to
financial institutions principally in Asia. iAsia provides online trading
services to brokers and financial institutions in the Far East, and is listed
on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange.

The Directors of EPA are pleased to announce that both the CFN UK Transactions
and CFN HK Transaction were completed on 9th November, 2001. EPA is now
holding a total of 14,514,150 shares in iAsia, representing approximately
2.96% of the enlarged share capital of iAsia.

There are also conditional agreements, pending completion expected to take
place at around the end of November, 2001, under which EPA will dispose of all
its remaining interests in CFN UK and CFN HK for new iAsia shares.



For further information :

Phill Brown, Corporate Relations Director, enterpriseAsia.com plc

Tel: 01274 623 478

Benjamin Ng, Chief Executive Officer, enterpriseAsia.com plc

Tel : 00 852 2116 5900

Garry Levin, Director, Altium Capital Limited

Tel : 020 7484 4040

Shane Dolan, Director, Biddicks

Tel : 020 7448 1000





        

a d v e r t i s e m e n t