Ideal Pacific chairman in stake sale discussion with third party

PUBLISHED : Monday, 19 January, 1998, 12:00am
UPDATED : Monday, 19 January, 1998, 12:00am

Ideal Pacific said chairman Ip Man-man and New Wise International, a company controlled by Mr Ip, were negotiating with an independent third party for a possible disposal of the whole or a majority of Mr Ip's interest in the company to that party. Mr Ip controls 13.55 per cent, or 78.49 million shares, of Ideal Pacific. Through the 91.6 per cent-owned New Wise, Mr Ip controls another 183.84 million shares in the company. Ideal Pacific said if the deal were to proceed, the party might not need to make a general offer because the remaining 8.4 per cent interest in New Wise was owned by Ideal Pacific vice-chairman Fu Wai-hung. The company said it noticed its share price had plunged 70.3 per cent on January 12 from 68 cents to 20.2 cents.