Profit guaranteed

PUBLISHED : Monday, 23 June, 1997, 12:00am
UPDATED : Monday, 23 June, 1997, 12:00am

Retailer and property developer Shenzhen International Holdings says it will buy an 80 per cent stake in mainland based Maoming Yingda Fine Chemicals Co for $49.7 million. The company is mainly engaged in the manufacture and sale of white oil and solvent oil. The deal involves a clause that guarantees Shenzhen International at least $7.2 million a year in profits until the end of 2004.