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Peggy Sito

Property developer Plotio Holdings will buy Kin Son Electronics and use it as a backdoor listing on the stock exchange, the company said.

 Kin Son has been suspended since 1995, after it was unable to locate chairman So Kin-keung after he went missing.

 Plotio chairman Lai Yiu-keung said the company would purchase Kin Son by paying up to $35 million to the company's liquidators who would then pass on the proceeds to its creditors.

 An extra $5 million will be paid to the liquidators in administrative expenses.

 Mr Lai said the company would also sell Kin Son's existing assets to the liquidators for a nominal fee of $1.

 Plotio is mainly involved in redeveloping obsolete properties in urban areas and is also engaged in property investment, management and the real estate brokerage business.

 Mr Lai said the proposal to acquire Kin Son's listing status was aimed at shortening the time normally spent seeking a new listing.

 The company reported a $27 million net profit for the year to March 1997.

 Net profit in 1996 was $21 million, against $270 million in 1995.

 Mr Lai expected net profit to March 1998 to be $44 million, of which almost 50 per cent would be derived from development income.

 Plotio is expected to have total issued share capital of 600 million shares, of which 10 million will be placed to existing Kin Son shareholders.

 Another 140 million Plotio shares will be sold to individual third parties at $1.28 each.

 Mr Lai said the price represented a 15 per cent discount to the company's net asset value of $1.50 per share.



Plotio to purchase Kin Son Electronics for backdoor listing