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WO KEE HONG _HOLDINGS_ LIMITED

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WO KEE HONG _HOLDINGS_ LIMITED Powered By Docstoc
					The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.




                          WO KEE HONG (HOLDINGS) LIMITED
                                                      (Incorporated in Bermuda with limited liability)

                                        CONNECTED TRANSACTION
                         SALE OF A UNIT OF ENZO FERRARI TO A CONNECTED PERSON
    On 24 December 2003, IMSS, an approximately 86% owned subsidiary of the Company sold a unit of ENZO Ferrari to Mr. Richard
    Lee, a Director, for the consideration of US$638,000 (equivalent to approximately HK$4,976,400).
    The Sale was made in the ordinary course of business of IMSS and the Consideration is equivalent to the price for a unit of ENZO
    Ferrari sold by IMSS to any of its customer. The Directors, including the independent non-executive Directors are of the view that the
    Sale is in the ordinary course of business of IMSS and the terms of the Sale are on normal commercial terms.
    Mr. Richard Lee, being a Director and a substantial shareholder of the Company is a connected person of the Company. Accordingly,
    the Sale constitutes a connected transaction for the Company. As the Consideration exceeds the higher of HK$1,000,000 or 0.03% of
    the net tangible asset of the Company but less than the higher of HK$10,000,000 or 3% of the net tangible asset of the Company, the
    Sale is subject to disclosure by way of an announcement under Rule 14.25(1) of the Listing Rules. Details of the Sale will also be
    included in the next annual report of the Company.

THE SALE                                                                            “Board”                    the board of Directors;
On 24 December 2003, IMSS, an approximately 86% owned                               “Company”                  WO KEE HONG (HOLDINGS) LIMITED,
subsidiary of the Company sold a unit of ENZO Ferrari to Mr.                                                   an exempted company incorporated in
Richard Lee, a Director, for the consideration of US$638,000                                                   Bermuda with limited liability, whose shares
(equivalent to approximately HK$4,976,400), payment of which has                                               are listed on the Stock Exchange;
been made in full in cash.
                                                                                    “Consideration”            the amount of US$638,000 (equivalent to
IMSS is a division of Auto Italia, an approximately 86% owned                                                  approximately HK$4,976,400);
subsidiary of the Company and is principally engaged in the
marketing, sales and parts supply and after-sales servicing of                      “connected person(s)” has the meaning ascribed thereto in the
“Ferrari” motor cars. The Sale was made in the ordinary course of                                         Listing Rules;
business of IMSS and the Consideration is equivalent to the price
                                                                                    “Directors”                the directors of the Company;
for a unit of ENZO Ferrari sold by IMSS to any of its customer. The
Directors, including the independent non-executive Directors are of                 “Group”                    the Company and its subsidiaries; and
the view that the Sale is in the ordinary course of business of IMSS                                           members of the Group shall be construed
and the terms of the Sale are on normal commercial terms.                                                      accordingly;
REASONS FOR THE SALE                                                                “HK$”                      Hong Kong dollars, the lawful currency of
The Group is principally engaged in the import, marketing,                                                     Hong Kong;
distribution and after-sales service of high quality, brand-name                    “Hong Kong”                The Hong Kong Special Administrative
products serving customers in the Asian region and, in particular,                                             Region of the PRC;
the markets of China, Hong Kong, Macau, Singapore and Malaysia.
The products include principally air-conditioning, domestic                         “IMSS”                     Italian Motors (Sales & Service), a division
appliances, audio-visual electrical items including car audio, motor                                           of Auto Italia which is incorporated in Hong
vehicles and accessories and other electronic products.                                                        Kong and principally engaged in the
IMSS is the sole authorized distributor of Ferrari motor cars in                                               marketing, sales and parts supply and after-
Hong Kong and Macau. The ENZO Ferrari is built in a limited run                                                sales servicing of “Ferrari” motor cars;
of 399 units worldwide and the Group has been allocated 9 units for                 “Listing Rules”            The Rules Governing the Listing of Securities
distribution under its franchise in Hong Kong, Macau and China.                                                on the Stock Exchange;
Accordingly, all purchases of the ENZO Ferrari in Hong Kong can
only be made through IMSS.                                                          “Mr. Richard Lee”          Mr. Richard Man Fai LEE, a Director and a
                                                                                                               substantial shareholder of the Company
GENERAL                                                                                                        within the meaning of the Listing Rules;
Mr. Richard Lee, being a Director and a substantial shareholder of
                                                                                    “Macau”                    The Macau Special Administrative Region
the Company is a connected person of the Company within the
                                                                                                               of the PRC;
meaning of the Listing Rules. Accordingly, the Sale constitutes a
connected transaction for the Company. As the Consideration                         “PRC” or “China”           The People’s Republic of China and for the
exceeds the higher of HK$1,000,000 or 0.03% of the net tangible                                                sole purpose of this announcement shall
asset of the Company but less than the higher of HK$10,000,000 or                                              exclude Hong Kong, Macau and Taiwan;
3% of the net tangible asset of the Company, the Sale is subject to
disclosure by way of an announcement under Rule 14.25(1) of the                     “Sale”                     the sale of a unit of ENZO Ferrari to Mr.
Listing Rules. Details of the Sale will also be included in the next                                           Richard Lee for the Consideration;
annual report of the Company.                                                       “Stock Exchange”           The Stock Exchange of Hong Kong Limited;
DEFINITIONS                                                                                                    and
In this announcement, unless otherwise defined, terms used herein                   “US$”                      United States dollars, the lawful currency of
shall have the following meanings:                                                                             the United States of America.
“Auto Italia”              Auto Italia Limited (                       ),           For the purpose of this announcement, US$1.00 is taken to be
                           a company incorporated in Hong Kong                      equivalent to HK$7.80
                           which is indirectly owned as to approximately
                           86% by the Company, as to approximately                                                 By order of the Board
                           13.9% by a director of Auto Italia and as to                                    WO KEE HONG (HOLDINGS) LIMITED
                           the remaining approximately 0.1% by an                                               Sammy Chi Chung SUEN
                           independent third party not connected persons                                                 Director
                           of the Company within the meaning of the
                           Listing Rules;                                           Hong Kong SAR, 29 December 2003

				
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posted:5/15/2010
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