HONG KONG - The founder of Hong Kong-listed Info Communication has paid US$386,000 (HK$3m) for the company’s exhibition business.
Eddie Leung, pictured here on the right of Hong Kong Trade Development Council (HKTDC) deputy executive director Benjamin Chau, has picked up the exhibition assets of the company after a period of hardship that began in 2008 with the failed attempt to buy a coal mine in China, and a change in ownership and name.
Info Communication, which now trades under the name Sage International, announced last November that it planned to sell its exhibition business. The company's exhibition-related revenues fell from a high of US$11.4m for the year ended 31 March 2008 to US$6m in 2010, while its exhibition subsidiary, InfoSky, posted an overall loss of US$1.3m in 2010.
It is widely predicted that the company’s fortunes will change under Leung’s ownership. Leung, a director of InfoSky, recently signed a deal with the HKTDC to jointly launch the Better Living Expo.
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