Hong Kong Group Buys Piece of Intermark Inc.
Intermark Inc. said a Hong Kong investment group with offices in La Jolla has purchased 8% of Intermark’s common stock and 5.8% of its preferred stock outstanding .
The group, Industrial Equities (Pacific) Ltd., would own 6.1% of Intermark’s voting shares if all preferred shares outstanding were converted to common, Intermark spokesman Mitchell Woodbury said Tuesday.
If only Industrial Equities’ preferred stock was converted--an unlikely prospect, Woodbury said--the Hong Kong group would own 14.5% of Intermark voting shares.
Industrial Equities made the investment for investment purposes and plans to purchase no additional shares, Woodbury said.
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