Textiles and clothing manufacturer Winsor Industrial Corporation, which yesterday reported a net loss for the 1996 fiscal year, has announced plans to demerge its property interests in a separate listing.
The company will submit an application to the stock exchange soon. It plans to distribute all the shares of a new company which controls its property interests to Winsor shareholders by special interim dividend.
After the demerger, Winsor will have no direct shareholding in the new company. It will concentrate on its core textile and clothing business, W. B. Lam, the company's director said.
He said no new shares or new funds would be raised through the demerger and listing.
Yesterday, the company announced a net loss of $51.19 million in the financial year to March 31, after taking charges on cutting more than 1,300 jobs and shutting down its businesses in Hong Kong and Malaysia.
The loss came after a net profit of $148.24 million in the previous financial year.