The HK$91.6 million restructuring of debt-ridden Honko International Holdings has been completed, ending years of uncertainty over the company's survival.
Honko is now a wholly owned subsidiary of TechCap Holdings, controlled by a group of investors who are also directors of Hong Kong-listed Greater China Sci-Tech Holdings, formerly bag maker Pam & Frank International Holdings.
Li Zhongyuan, Derek Wong Chong-kwong and Victor Chan Chung-yin hold a combined 51.03 per cent of TechCap and have vowed to retain Honko's core electric-parts manufacturing and distribution business.
They promised not to inject any of their private businesses into Honko in the next 12 months.
Honko said Mr Li was an investment banker with Salomon Brothers and IBJ, Mr Wong was engaged in the watch-making business and Mr Chan was a legal consultant.
They took control by subscribing to new shares and convertible notes, which generated net proceeds of HK$91.6 million.
