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AQL confirms aquarium sale

By Phil Boeyen, ShareChat Business News Editor

Friday 29th September 2000

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Aquaria 21 has finally shaken off its loss-making Shanghai Aquarium, announcing that the sale to Radwin Properties has finally gone through.

The sale had been delayed in past weeks due to an administration hold-up from Chinese interests.

Aquaria says the sale was settled yesterday, and it has also received funds due on the sale of the Korean development project, to complete the divestment of all its operating assets.

Following repayment of convertible notes at the end of this month AQL says it will have discharged all its term liabilities.

As a condition of the sale of its aquarium assets the company is also required to change its name, and from now on will be know as AQL Holdings Limited.

In line with previous statements, AQL Holdings says no decision has yet been made on its future direction. The company said recently that following the aquarium sale and the repayment of the convertible notes it would have a net asset backing of less than 0.1 cent per share.

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