In a statement, GADC chairman George Yang said the merger with Alliance Global "has strengthened our commitment to give our customers even more by being more sensitive and responsive to their changing tastes and wants and by adding a local flavor to our product range."
In a disclosure to the stock exchange, Alliance Global
said it has paid $7.55 million out of the total $15.05 million price for 49 percent of GADC
and its two units, Golden Arches Realty Corp.
and Y&M Development Corp.
The balance of the purchase price will be paid by Alliance Global
six months from March 17, the day the transaction was closed. Yang, who is also chairman of Alliance Global, holds the 51 percent controlling stake in GADC.