Takson in $3m share purchases

PUBLISHED : Thursday, 03 September, 1998, 12:00am
UPDATED : Thursday, 03 September, 1998, 12:00am

Goretex jacket-maker Takson Holdings has spent about $3 million buying listed securities despite the market's turbulence, according to chairman Takson Wong Tek-son.

However, in the year to last March the company made a provision of $110,000 for securities investments worth $1.62 million at the balance date.

Mr Wong said yesterday that investing in stocks was 'very risky'.

However, the company had returned to the market in the past couple of months and mostly bought blue chips.

'It's very risky, but the investment accounted for only a small portion of our net asset value,' he said after the firm's annual general meeting yesterday.

'We hope the investment will bring us a stable stream of income to complement our core retailing business.' He would not rule out further share investments.

The share portfolio represented about 2.5 per cent of the group's $155.9 million net asset value on March 31.