Memtek stake sale

Optical disc manufacturer, Hanny Holdings last night said it had agreed to sell a 10 per cent stake in its 88 per cent owned Memtek International subsidiary to Taiwan-based Ritek for US$24 million.

Hanny said the sale to Ritek, which is a joint venture partner with Hanny in the production of optical disc products and digital visual discs, was expected to generate a gain of HK$170 million over the book value of the sale shares.