2007-10-12 04:11 (New York)
By Patricia Kuo
Oct. 12 (Bloomberg) -- Galaxy Entertainment Group Ltd. may have its credit rating upgraded one level after Permira Advisers LLP, Europe's biggest buyout firm, agreed to buy a stake in the Macau casino operator, according to CFC Seymour Ltd.
``One notch credit rating upgrade is expected if Galaxy can smoothly deliver its Cotai projects and maintain its strong performance of Star World'' casino, CFC Seymour's Hong Kong-based analyst Wu Gongliang said in a research note today. Permira yesterday said it will buy 20 percent of Hong Kong-listed Galaxy for HK$6.5 billion ($838 million) in its first Asia investment.
Galaxy's $350 million of 9.875 percent bonds maturing in 2012 trade at 442 basis points more than U.S. Treasuries, 1 basis point lower from yesterday, according to HSBC Holdings Plc prices. A basis point is 0.01 percentage point.
Standard & Poor's rates Galaxy's debt B+, four levels below investment grade. Moody's Investors Service has a comparable B1 rating.
Wu expects the spreads to narrow by 20 basis points in the next six months because the Permira transaction will reduce Galaxy's debt by HK$2.6 billion, saving HK$156 million of interest payments annually. CFC Seymour maintains a ``buy''recommendation on Galaxy's debt.
The stake sale to Permira and investors will increase Galaxy's cash reserves 41 percent to HK$9.2 billion and reduce its debt to HK$6.5 billion, the company said. Galaxy is run by billionaire Chairman Lui Che-woo.
First Place
Macau, the only Chinese city where casinos are legal, surpassed Las Vegas last year as the world's biggest gaming hub. Casino revenue in the city surged 50 percent in the second quarter.
Galaxy, which operates the Star World casino in Macau, plans to build nine hotels and serviced apartments on Macau's Cotai Strip, where it aims to complete Galaxy World Resort by the end of 2008, Chief Financial Officer Nigel Morrison said in August.
The company on Sept. 17 said its first-half loss narrowed to HK$267.8 million from HK$734 million a year earlier, on an almost five fold jump in sales.
Trading in Galaxy shares remains suspended. The stock gained 24 percent this year, lagging the benchmark Hang Seng Index's 46 percent rise.
Martin Clarke and Guido Paolo Gamucci, partners of PermiraFunds, will become non-executive directors on Galaxy's board, the company said.
``Although we don't expect Permira will provide much expertise for Galaxy's large-scale casino operation, its presence in the board will enhance the company's reputation and transparency,'' Wu said in the note.
--Editor: Unwin (rnb/acp)
To contact the reporter for this story:Patricia Kuo in Hong Kong at +852-2977-6120 orpkuo2@bloomberg.net.
To contact the editor responsible for this story:Netty Ismail at +65-6212-1106 ornismail3@bloomberg.net.
Showing posts with label Galaxy. Show all posts
Showing posts with label Galaxy. Show all posts
Wednesday, October 17, 2007
Permira to Buy 20% of Galaxy in First Asia Investment ( Update 3 )
2007-10-11 11:39 (New York)
By Cathy Chan and Kelvin Wong
Oct. 11 (Bloomberg) -- Permira Advisers LLP, Europe's biggest buyout firm, will buy 20 percent of Macau casino operator Galaxy Entertainment Group Ltd. for HK$6.5 billion ($838 million) in its first Asia investment.
Permira Funds will purchase 775 million Galaxy shares atHK$8.42 a share, according to a press briefing in Hong Kong today. Galaxy, one of the city's casino license-holders, will use the transaction to reduce debt and develop a Macau resort.
Foreign casino operators including Las Vegas Sands Corp. andWynn Resorts Ltd. are staking more than $20 billion on Macau afterthe city's government ended the 40-year monopoly of gambling magnate Stanley Ho. The stake sale will help Galaxy cut debt 29 percent and raise cash to complete its Cotai Mega Resort.
``There are significant benefits to be gained from combining expertise,'' the two companies said in a statement today.
Permira Funds has made 40 percent of its investments in the leisure, retail and consumer industries in the past decade, including a stake in Gala Coral Ltd., the U.K.'s biggest operator of bingo halls.
Macau, the only Chinese city where casinos are legal, surpassed Las Vegas last year as the world's biggest gaming hub.Casino revenue in the city surged 50 percent in the second quarter.
Sale Details
Permira, known as Schroder Ventures Europe before 2001, will buy HK$3.8 billion worth of existing Galaxy shares held by K. Wah International Holdings, and another HK$2.7 billion of new shares issued by Galaxy. K. Wah is a Hong Kong real estate developer.
Martin Clarke and Guido Paolo Gamucci, partners of PermiraFunds, will be appointed as non-executive directors to the Galaxy board, the release said. Gamucci said the investment will be Permira's first in Asia.
``Permira's investment is a classic example of how they like to partner with families to grow their businesses, and it's in a sector they know extremely well,'' said Angus Barker, head of financial sponsors Asia Pacific at Deutsche Bank AG, which advised the private equity firm. Merrill Lynch & Co. advised Galaxy and K. Wah.
The company also invested in Italian betting company Sisal SpA, and Gala Coral, which operates 31 casinos, 171 gaming clubs and 1,600 betting offices, Barker said.
Debt Repayment
Galaxy, which operates the StarWorld casino in Macau, plans to build nine hotels and serviced apartments on Macau's Cotai Strip, where it aims to complete its Galaxy World Resort by the end of next year, Chief Financial Officer Nigel Morrison said in August.
The company on Sept. 17 said first-half loss narrowed on an almost five fold jump in sales.
Of the stake-sale proceeds, Galaxy will use HK$1.3 billion to redeem half of its fixed rate notes. To meet the public float requirement, the company will raise HK$1.3 billion in a new share sale arranged by Merrill. The company is offering 150 millionshares at between HK$8.42 to HK$8.82, according to a document sent to investors today.
The stake sale to Permira and investors will increase Galaxy's cash reserves 41 percent to HK$9.2 billion, the company said. Galaxy is run by billionaire Chairman Lui Che-woo.
The Lui family will convert the remaining half of the fixed rate notes into 157 million Galaxy shares. The note cancellation will reduce Galaxy's debt by HK$2.6 billion to HK$6.5 billion, Galaxy said.
The family will retain control of the company after the transaction, with a 52 percent stake. The sale price of Galaxy shares is a 6.4 percent discount to its last closing price of HK$9 on Oct. 5. Shares of K. Wah rose 16 percent to HK$5.26 and were suspended the same day.
--Editor: T. Kohn (rnb/maa)
To contact the reporter on this story:Cathy Chan in Hong Kong at +852-2977-6629 orkchan14@bloomberg.net
To contact the editor responsible for this story:Jason Scott at (852) 2977-6127 orjscott14@bloomberg.net
By Cathy Chan and Kelvin Wong
Oct. 11 (Bloomberg) -- Permira Advisers LLP, Europe's biggest buyout firm, will buy 20 percent of Macau casino operator Galaxy Entertainment Group Ltd. for HK$6.5 billion ($838 million) in its first Asia investment.
Permira Funds will purchase 775 million Galaxy shares atHK$8.42 a share, according to a press briefing in Hong Kong today. Galaxy, one of the city's casino license-holders, will use the transaction to reduce debt and develop a Macau resort.
Foreign casino operators including Las Vegas Sands Corp. andWynn Resorts Ltd. are staking more than $20 billion on Macau afterthe city's government ended the 40-year monopoly of gambling magnate Stanley Ho. The stake sale will help Galaxy cut debt 29 percent and raise cash to complete its Cotai Mega Resort.
``There are significant benefits to be gained from combining expertise,'' the two companies said in a statement today.
Permira Funds has made 40 percent of its investments in the leisure, retail and consumer industries in the past decade, including a stake in Gala Coral Ltd., the U.K.'s biggest operator of bingo halls.
Macau, the only Chinese city where casinos are legal, surpassed Las Vegas last year as the world's biggest gaming hub.Casino revenue in the city surged 50 percent in the second quarter.
Sale Details
Permira, known as Schroder Ventures Europe before 2001, will buy HK$3.8 billion worth of existing Galaxy shares held by K. Wah International Holdings, and another HK$2.7 billion of new shares issued by Galaxy. K. Wah is a Hong Kong real estate developer.
Martin Clarke and Guido Paolo Gamucci, partners of PermiraFunds, will be appointed as non-executive directors to the Galaxy board, the release said. Gamucci said the investment will be Permira's first in Asia.
``Permira's investment is a classic example of how they like to partner with families to grow their businesses, and it's in a sector they know extremely well,'' said Angus Barker, head of financial sponsors Asia Pacific at Deutsche Bank AG, which advised the private equity firm. Merrill Lynch & Co. advised Galaxy and K. Wah.
The company also invested in Italian betting company Sisal SpA, and Gala Coral, which operates 31 casinos, 171 gaming clubs and 1,600 betting offices, Barker said.
Debt Repayment
Galaxy, which operates the StarWorld casino in Macau, plans to build nine hotels and serviced apartments on Macau's Cotai Strip, where it aims to complete its Galaxy World Resort by the end of next year, Chief Financial Officer Nigel Morrison said in August.
The company on Sept. 17 said first-half loss narrowed on an almost five fold jump in sales.
Of the stake-sale proceeds, Galaxy will use HK$1.3 billion to redeem half of its fixed rate notes. To meet the public float requirement, the company will raise HK$1.3 billion in a new share sale arranged by Merrill. The company is offering 150 millionshares at between HK$8.42 to HK$8.82, according to a document sent to investors today.
The stake sale to Permira and investors will increase Galaxy's cash reserves 41 percent to HK$9.2 billion, the company said. Galaxy is run by billionaire Chairman Lui Che-woo.
The Lui family will convert the remaining half of the fixed rate notes into 157 million Galaxy shares. The note cancellation will reduce Galaxy's debt by HK$2.6 billion to HK$6.5 billion, Galaxy said.
The family will retain control of the company after the transaction, with a 52 percent stake. The sale price of Galaxy shares is a 6.4 percent discount to its last closing price of HK$9 on Oct. 5. Shares of K. Wah rose 16 percent to HK$5.26 and were suspended the same day.
--Editor: T. Kohn (rnb/maa)
To contact the reporter on this story:Cathy Chan in Hong Kong at +852-2977-6629 orkchan14@bloomberg.net
To contact the editor responsible for this story:Jason Scott at (852) 2977-6127 orjscott14@bloomberg.net
Friday, October 12, 2007
Galaxy Announces US$1 Billion Transaction
2007-10-11 08:17 (New York)
Permira Funds to Acquire a 20% Stake in Galaxy For HK$6.5 Billion (US$840 Million)
Leading International Private Equity Firm's First Greater China Investment
Hong Kong, Oct. 11 /Xinhua-PRNewswire/ -- Galaxy Entertainment Group Limited ("Galaxy" or "the Company") (stock code HKSE 0027), a leading operator of casinos, hotels and entertainment facilities in Macau, today announced that funds advised by Permira, one of the world's leading private equity firms, have entered into agreements to acquire an approximate 20% equity stake inGalaxy for a total consideration of HK$6.5 billion (US$840 million), representing HK$8.42 per Galaxy share, subject to certain shareholders'approvals. Galaxy will also raise an additional HK$1.3 billion (US$163 million) through an institutional placement of new shares.
Highlights:
-- Galaxy's vision and strategy to build one of Asia's leading gaming and entertainment groups is clearly endorsed by the Permira Funds' US$840million investment.
-- Permira's international gaming and consumer expertise will be of great value to Galaxy as it continues to develop its position as a leading casino, hotel and entertainment group in Macau, the world's largest and fastest growing gaming market.
-- Founding shareholder, Dr Che-woo Lui and members of the Lui family (and related interests), will retain approximately a 52% controlling interest in Galaxy. -
- Transaction provides the foundations for the future development of phases 2, 3 and 4 of the Cotai Mega Resort, Macau.
-- Transaction substantially strengthens Galaxy's capital structure, resulting in a net cash injection of HK$2.7billion (US$344 million), a reduction in debt of approximately HK$2.6 billion (US$339 million), and a net annual interest benefit of approximately HK$250 million (US$32 million).
-- The Permira Funds will have the right to appoint two non-executive directors to the Galaxy Board; Permira partners Dr. Martin Clarke and Mr. Guido Paolo Gamucci will be appointed to support the growth of the business and the realization of its vision.
With its deep understanding of Asian gaming, Galaxy has become a leader in Macau, and has captured a substantial market share in less than three years.The Company operates a number of highly successful casinos in Macau including its flagship StarWorld, which recently announced record results and accelerating market share in the prized VIP segment, the largest and fastest growing segment in the Macau gaming market. For the half year ended 30 June 2007, Galaxy recorded revenues of HK$6,332 million and an EBITDA of HK$737million, representing year-on-year increases of 385% and 300%, respectively.
Galaxy's rapid and sustained growth in Macau has also been supported by Dr Che-woo Lui and the Lui family's 30 year history in real estate development inGreater China and significant experience of international hotel operation, as well as the Company's proven focus on sound capital management and ROI. On completion, the 2,500 room, suite and villa Cotai Mega Resort in Macau will feature the world's second largest casino. Galaxy also has a further 10 million sq.ft. of approved gross floor area for future expansion in areas 2, 3 and 4 of its Cotai site.
Permira is a leading international private equity firm with a track record of more than twenty years of helping to build outstanding businesses. Over this time, Permira has raised 19 funds totaling approximately EUR22 billion(US$30 billion). This is the Permira Funds' first investment in Greater China, giving them an important stake in Galaxy, a leader in the world's largest gaming market, as well as a strong platform for future growth across Asia.
Galaxy and Permira believe that there are significant benefits to be gained from combining their expertise. The leisure, retail and consumer sectors represent 40% of the investments made by the Permira Funds over the last decade, with portfolio companies including Cortefiel, Ferretti, Hugo Boss, and Valentino. In particular, Permira has deep expertise in the international gaming sector through its investments in Gala Coral, Europe's largest gaming company, and in Sisal, the second largest lotto operator in Italy.
Dr. Che-woo Lui, Chairman of Galaxy, said: "We are delighted that Permirahas chosen to join us in continuing to build Galaxy's future in Macau and Asia. I look forward to welcoming Dr. Martin Clarke and Mr. Guido Paolo Gamucci as non-executive Directors to the Board and to working with them to realize our vision for Galaxy. We believe that this investment not only endorses our strategy but further enables us to deliver on our mission to be one of Asia's leading gaming and entertainment groups, to the benefit of all ourstakeholders."
Dr. Martin Clarke, Partner at Permira, commented: "We have been deeply impressed by the success of Galaxy and the vision of the Lui family and look forward to partnering with one of Asia's leading gaming and entertainment groups. Galaxy has a unique blend of high quality project development and gaming expertise and an unrivalled understanding of the Asian culture and the Chinese market. With the Permira Funds' financial strength and its successful track record of investing in gaming, retail and hospitality businesses we look forward to working with Galaxy, and in the process helping it to realize its clear vision in Asia."
Mr. Francis Lui, Vice Chairman of Galaxy, added: "We are excited to welcome such a prestigious shareholder to Galaxy and delighted to be Permira's first major investment in Greater China. I look forward to working closely with Permira and with Dr. Martin Clarke and Mr. Guido Paolo Gamucci, to leverage the opportunities this transaction brings and to realize our shared vision for Galaxy's exciting developments in Cotai and beyond."
Terms of the transaction
The Permira Funds are acquiring HK$3,800 million worth of existing ordinary Galaxy shares currently held by K. Wah International Holdings Limited, and are subscribing for an additional HK$2,700 million of new ordinary shares in Galaxy. Of the new subscription, approximately HK$1,300 million will be applied to redeem approximately half of the existing Fixed-Rate Notes, with the balance of HK$1,400 million being a cash injection into Galaxy. Separately,the existing noteholders will convert the balance of the Fixed-Rate Notes of approximately HK$1,300 million into approximately 157 million ordinary shares in Galaxy, taking the total debt reduction to HK$2,600 million and cancelling all Fixed-Rate Notes.
Galaxy will also raise a minimum of HK$1.3 billion (US$163 million) through an institutional placement, under the terms of which Merrill Lynch has been mandated to place 150 million new ordinary Galaxy shares, at a minimum share price of HK$8.42.
Following the completion of the transaction, and the share placement:
-- Members of the Lui family will collectively retain a controlling interest in Galaxy of approximately 52%.
-- Galaxy's cash reserves will increase from $6.5 billion to $9.2 billion -- up by 41%
-- Galaxy's total outstanding debt will reduce from $9.2 billion to $6.5 billion -- down by 29%.
The transaction is subject to shareholders' approvals at an Extraordinary General Meeting of Galaxy and a Special General Meeting of K. Wah International Limited, to be held within 21 days of the dispatch of the transaction circulars.
Galaxy and K. Wah Group were advised by Merrill Lynch and Galaxy was also advised by Skadden, Arps, Slate, Meagher and Flom.
Permira was advised by Deutsche Bank, Global Leisure Partners, CliffordChance and Price Waterhouse Coopers.
This announcement should be read in conjunction with the joint Galaxy and K. Wah International Holdings Limited Hong Kong Stock Exchange announcement.
SOURCE Galaxy Entertainment Group Limited
CONTACT:
For Galaxy: Nigel Morrison, Chief Financial Officer, +852-3150- 1111; Diana Footitt, FD, +852-3716-9800, or Diana.Footitt@fd.com; Alastair Hetherington, FD, +852-3716-9800, or Alastair.Hetherington@fd.com;
For Permira: Chris Davison, Director of Communications, +44-207-632-1132; Richard Barton of Gavin Anderson & Company, +852-2523-7189, or barton@gavinanderson.com.hk; Jessie Hsieh of Gavin Anderson & Company, +852-2523-7189, or jhsieh@gavinanderson.com.hk
Oct/11/2007 12:17 GMT
Permira Funds to Acquire a 20% Stake in Galaxy For HK$6.5 Billion (US$840 Million)
Leading International Private Equity Firm's First Greater China Investment
Hong Kong, Oct. 11 /Xinhua-PRNewswire/ -- Galaxy Entertainment Group Limited ("Galaxy" or "the Company") (stock code HKSE 0027), a leading operator of casinos, hotels and entertainment facilities in Macau, today announced that funds advised by Permira, one of the world's leading private equity firms, have entered into agreements to acquire an approximate 20% equity stake inGalaxy for a total consideration of HK$6.5 billion (US$840 million), representing HK$8.42 per Galaxy share, subject to certain shareholders'approvals. Galaxy will also raise an additional HK$1.3 billion (US$163 million) through an institutional placement of new shares.
Highlights:
-- Galaxy's vision and strategy to build one of Asia's leading gaming and entertainment groups is clearly endorsed by the Permira Funds' US$840million investment.
-- Permira's international gaming and consumer expertise will be of great value to Galaxy as it continues to develop its position as a leading casino, hotel and entertainment group in Macau, the world's largest and fastest growing gaming market.
-- Founding shareholder, Dr Che-woo Lui and members of the Lui family (and related interests), will retain approximately a 52% controlling interest in Galaxy. -
- Transaction provides the foundations for the future development of phases 2, 3 and 4 of the Cotai Mega Resort, Macau.
-- Transaction substantially strengthens Galaxy's capital structure, resulting in a net cash injection of HK$2.7billion (US$344 million), a reduction in debt of approximately HK$2.6 billion (US$339 million), and a net annual interest benefit of approximately HK$250 million (US$32 million).
-- The Permira Funds will have the right to appoint two non-executive directors to the Galaxy Board; Permira partners Dr. Martin Clarke and Mr. Guido Paolo Gamucci will be appointed to support the growth of the business and the realization of its vision.
With its deep understanding of Asian gaming, Galaxy has become a leader in Macau, and has captured a substantial market share in less than three years.The Company operates a number of highly successful casinos in Macau including its flagship StarWorld, which recently announced record results and accelerating market share in the prized VIP segment, the largest and fastest growing segment in the Macau gaming market. For the half year ended 30 June 2007, Galaxy recorded revenues of HK$6,332 million and an EBITDA of HK$737million, representing year-on-year increases of 385% and 300%, respectively.
Galaxy's rapid and sustained growth in Macau has also been supported by Dr Che-woo Lui and the Lui family's 30 year history in real estate development inGreater China and significant experience of international hotel operation, as well as the Company's proven focus on sound capital management and ROI. On completion, the 2,500 room, suite and villa Cotai Mega Resort in Macau will feature the world's second largest casino. Galaxy also has a further 10 million sq.ft. of approved gross floor area for future expansion in areas 2, 3 and 4 of its Cotai site.
Permira is a leading international private equity firm with a track record of more than twenty years of helping to build outstanding businesses. Over this time, Permira has raised 19 funds totaling approximately EUR22 billion(US$30 billion). This is the Permira Funds' first investment in Greater China, giving them an important stake in Galaxy, a leader in the world's largest gaming market, as well as a strong platform for future growth across Asia.
Galaxy and Permira believe that there are significant benefits to be gained from combining their expertise. The leisure, retail and consumer sectors represent 40% of the investments made by the Permira Funds over the last decade, with portfolio companies including Cortefiel, Ferretti, Hugo Boss, and Valentino. In particular, Permira has deep expertise in the international gaming sector through its investments in Gala Coral, Europe's largest gaming company, and in Sisal, the second largest lotto operator in Italy.
Dr. Che-woo Lui, Chairman of Galaxy, said: "We are delighted that Permirahas chosen to join us in continuing to build Galaxy's future in Macau and Asia. I look forward to welcoming Dr. Martin Clarke and Mr. Guido Paolo Gamucci as non-executive Directors to the Board and to working with them to realize our vision for Galaxy. We believe that this investment not only endorses our strategy but further enables us to deliver on our mission to be one of Asia's leading gaming and entertainment groups, to the benefit of all ourstakeholders."
Dr. Martin Clarke, Partner at Permira, commented: "We have been deeply impressed by the success of Galaxy and the vision of the Lui family and look forward to partnering with one of Asia's leading gaming and entertainment groups. Galaxy has a unique blend of high quality project development and gaming expertise and an unrivalled understanding of the Asian culture and the Chinese market. With the Permira Funds' financial strength and its successful track record of investing in gaming, retail and hospitality businesses we look forward to working with Galaxy, and in the process helping it to realize its clear vision in Asia."
Mr. Francis Lui, Vice Chairman of Galaxy, added: "We are excited to welcome such a prestigious shareholder to Galaxy and delighted to be Permira's first major investment in Greater China. I look forward to working closely with Permira and with Dr. Martin Clarke and Mr. Guido Paolo Gamucci, to leverage the opportunities this transaction brings and to realize our shared vision for Galaxy's exciting developments in Cotai and beyond."
Terms of the transaction
The Permira Funds are acquiring HK$3,800 million worth of existing ordinary Galaxy shares currently held by K. Wah International Holdings Limited, and are subscribing for an additional HK$2,700 million of new ordinary shares in Galaxy. Of the new subscription, approximately HK$1,300 million will be applied to redeem approximately half of the existing Fixed-Rate Notes, with the balance of HK$1,400 million being a cash injection into Galaxy. Separately,the existing noteholders will convert the balance of the Fixed-Rate Notes of approximately HK$1,300 million into approximately 157 million ordinary shares in Galaxy, taking the total debt reduction to HK$2,600 million and cancelling all Fixed-Rate Notes.
Galaxy will also raise a minimum of HK$1.3 billion (US$163 million) through an institutional placement, under the terms of which Merrill Lynch has been mandated to place 150 million new ordinary Galaxy shares, at a minimum share price of HK$8.42.
Following the completion of the transaction, and the share placement:
-- Members of the Lui family will collectively retain a controlling interest in Galaxy of approximately 52%.
-- Galaxy's cash reserves will increase from $6.5 billion to $9.2 billion -- up by 41%
-- Galaxy's total outstanding debt will reduce from $9.2 billion to $6.5 billion -- down by 29%.
The transaction is subject to shareholders' approvals at an Extraordinary General Meeting of Galaxy and a Special General Meeting of K. Wah International Limited, to be held within 21 days of the dispatch of the transaction circulars.
Galaxy and K. Wah Group were advised by Merrill Lynch and Galaxy was also advised by Skadden, Arps, Slate, Meagher and Flom.
Permira was advised by Deutsche Bank, Global Leisure Partners, CliffordChance and Price Waterhouse Coopers.
This announcement should be read in conjunction with the joint Galaxy and K. Wah International Holdings Limited Hong Kong Stock Exchange announcement.
SOURCE Galaxy Entertainment Group Limited
CONTACT:
For Galaxy: Nigel Morrison, Chief Financial Officer, +852-3150- 1111; Diana Footitt, FD, +852-3716-9800, or Diana.Footitt@fd.com; Alastair Hetherington, FD, +852-3716-9800, or Alastair.Hetherington@fd.com;
For Permira: Chris Davison, Director of Communications, +44-207-632-1132; Richard Barton of Gavin Anderson & Company, +852-2523-7189, or barton@gavinanderson.com.hk; Jessie Hsieh of Gavin Anderson & Company, +852-2523-7189, or jhsieh@gavinanderson.com.hk
Oct/11/2007 12:17 GMT
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