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Daily News

Haier Seeks to Inject Appliance Business
Feb 27, 2003
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Haier Group plans to inject its household electrical appliances business into main board-listed Haier-CCT Holdings. But the industrial conglomerate has not yet determined the scope of the asset injections nor outlined any concrete plan to raise its stake in the Hong Kong subsidiary .

Haier Group submitted a feasibility study report and a formal application to Qingdao City Planning Commission on Feb. 24, seeking a preliminary approval for the asset injection, Haier-CCT said. Last September, Haier Group injected its mobile phone business into Haier-CCT, a joint venture between Haier Group and Hong Kong-listed CCT Telecom Holdings, to boost its share holdings.

Haier Group is allowed to hold no more than 30 percent stake in Haier-CCT and any stake increase has to be approved by China Securities Regulatory Commission. "Haier Group has formally submitted an application to the [mainland's] domestic regulatory authorities in connection with a further increase in Haier Group's stake in Haier-CCT," chairman of the Hong Kong-listed unit Clement Mak said.

Haier Group has yet to determine whether to transfer part or all of its white-ware business into Haier-CCT. The company is currently waiting for a preliminary approval from mainland authorities.

The electrical appliance maker has not fixed any schedule for conducting the proposed transactions and it has not yet entered into any legally binding agreement with Haier-CCT, Mr. Mak said.

Meanwhile, Haier-CCT continues to hold a 35.5 percent equity in Pegasus Telecom (Qingdao). Pegasus is engaged in the manufacture and sale of telecommunications products.

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