CEDF seeks alternate route to Sing Tao stake

PUBLISHED : Saturday, 20 February, 1999, 12:00am
UPDATED : Saturday, 20 February, 1999, 12:00am

Dublin-listed China Enterprise Development Fund (CEDF) said it is in advanced talks with various parties to arrange another means of taking a stake in newspaper publisher Sing Tao Holdings.

Its comments follow the failure to complete a deal to buy an 11.87 per cent stake through subsidiary Hong Kong Sunrise Holdings from chairman Sally Aw Sian on Monday.

CEDF said it was still interested in investing in Sing Tao and was seeking advice on the legal status of the share sale agreement. The agreement ran into problems when a court earlier this month failed to validate the sale of 23 per cent of Sing Tao to CEDF and fellow Dublin fund Investment Co of China.

In a statement, CEDF said its solicitor had written to the interim receiver for Miss Aw on February 10 to agree on an extension for completion of the share sale agreement.

The interim receiver, it said, replied that it had written to the court for direction. But the interim receiver has no obligation to reply to CEDF on any set date.