Indesen buys into Ideal Pacific

VHS video cassette manufacturer Indesen Industries Co says it intends to acquire about 45.7 per cent of Ideal Pacific Holdings from Ideal Pacific chairman Ip Man-man. The company said its wholly-owned subsidiary had signed a non-legally binding letter of intent to acquire the stake, which was owned by Mr Ip and his firm, New Wise Investment. The terms of the acquisition, including the price for the shares, had not been fixed and a legally binding conditional sale-and-purchase agreement would be signed not later than tomorrow.