The Smarter Web Regulatory News (SWC)

31 Mar 2005 11:09

CYC Holdings PLC31 March 2005 CYC Holdings plc ("CYC") Chinese Investment admitted to trading on AIM and commencement of dealings in Sweet China plc ("Sweet China" or the "Company") CYC Holdings plc, the AIM listed corporate developer of Chinese businesses, ispleased to announce the admission to AIM of the entire issued share capital ofSweet China plc today at an opening price of 35 pence per share. CYC is interested in 1,000,000 ordinary shares in Sweet China representingapproximately 9.9 per cent. of its issued ordinary share capital. Sweet China and its wholly owned subsidiary Sweet China Trading Limited havebeen formed by the directors in order to acquire companies or businesses, orinterests in companies or businesses, operating in the manufacturing andmarketing of products in the confectionery and gift food markets primarily inmainland China and Hong Kong. Pursuant to the transaction, an agreement has been reached between the Companyand Cathay Corporate Managers Limited, a wholly owned subsidiary of CYC, for theprovision of consultancy and management services to the Company. Inconsideration for these services and for the services of Sun Xiao, as anon-executive director of the Company, £30,000 a year is payable to CYC by theCompany. Michael Lindsay, Finance Director of CYC, has joined Sweet China plcas the Company Secretary. Commenting on the transaction Mark Chapman, investment director of CYC stated; " The admission of Sweet China to AIM is part of CYC's continuing strategy ofdeveloping trade in both directions with China". Enquiries: Mark Chapman, CYC 01483 894 627 Emily Morgan, Rowan Dartington & Co. Limited 0117 933 0020 This information is provided by RNS The company news service from the London Stock Exchange