Toymaker mulls sale

HONGKONG Toy Centre International has been approached by a third party regarding the possible acquisition of more than 10 per cent of the company, pushing its share price to $1.21.

The toy manufacturer's shares have soared from 70 cents two weeks ago to yesterday's close of $1.13 - an increase of 61.4 per cent.

Chairman Victor Lo Hung said yesterday that the majority shareholder - the Lo family - which owns 51.3 per cent of the company's existing issued share capital - would sell more than 10 per cent of the company to ''the buyer who offers a reasonable price''.

He added that the discussions were at a very preliminary stage, and said the Lo family would remain the majority shareholder.

He said Prudential Asia currently held 22.5 per cent of the company, with the remaining 26.2 per cent in public hands.