The investment in Crosstec, which reported a loss for its FY ended June 30, was to “improve the yield on idle cash through dividends and share price appreciation”, Econ Healthcare states in a Jan 9 filing to the exchange.
Nursing operator Econ Healthcare (Asia) has loaded up on shares of Crosstec Group Holdings, spending a total of some $4 million to buy 11.8 million shares of the Hong Kong-listed interior design firm that focuses on the luxury market.
Econ Healthcare first paid $1.99 million for 6.8 million Crosstec shares on Dec 30, or 29.26 cents each. It paid another $2 million for another 5 million Crosstec shares on Jan 6, or 40.04 cents each.
