China Best (00370) said it intends to extend the scope of its existing principal activities to include the businesses of trading of fuel oil, iron ore, and other commodities including but not limited to metals, oil and ore related products in Hong Kong, the People's Republic of China and Singapore.
The company proposes to set up a wholly-owned enterprise in Shenzhen as the Group's main vehicle for the new businesses in the PRC. It is expected that the registered capital of the new subsidiary will be around HK$50 million.
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