Sharing Knowledge in Smallcaps

[KauaiPI]

Tempo~re: KONG~ do you know what the status is of the 9% divestiture? 125M shares coming to market would seem to put downward share price pressure (in the future), no?

Wed Feb 23, 2005 07:19 PM ET
HONG KONG, Feb 24 (Reuters) - China Assets (Holdings) Ltd. (0170.HK: Quote, Profile, Research) said on Thursday it was seeking shareholders' approval for the possible sale of its 9.1 percent stake in Nasdaq-listed KongZhong Corp (KONG.O: Quote, Profile, Research).

"No contracts have been entered into by the company in relation to the possible disposal of KongZhong Shares as the directors consider that the company should first obtain its Shareholders' approval for the disposal so that a disposal can be effected expeditiously when market conditions are favourable," China Assets' Chairman Lao Yuan Li said in a statement.

The sale of its holding of 125.28 million shares in KongZhong would boost cash flow for China Assets and allow for other investments if and when opportunities arise, Lao added.

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http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh64132_2005-02-24_00-19-02_hkg....

best!
kp