Struggling firm's fate lies with Grande

Grande Holdings, the Hong Kong computer components and electronics group, is in talks to refinance a British logistics to cars company in a deal that could be worth as much as GBP2.5 million (about HK$31.13 million).

Peter Mottershead, managing director of the British firm, Ross Group, said an announcement could be made as early as today.

Grande already holds an indirect 13.5 per cent stake in Ross through its controlling 50.5 per cent interest in Toyo Holdings, the low-end consumer electronics manufacturer which Grande is in the midst of taking over.

Yesterday, Ross said it had reached an advanced stage with 'a major shareholder, controlled by Grande Holdings'.

The shareholder is believed to be Toyo, which has held a Ross stake since it took control of the former Tomei International (Holdings).

Tomei took shares in Ross in 1995 after selling the British firm its Cascade consumer electronics business, and Keenon, its Asian shipping and inspection company.