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Asia Securities International Limited
At the end of January 1987, ASIA SECURITIES LIMITED purchased control of a small public company, UNION V-TEX REALTY LTD (UNION V-TEX), which was then listed on the Hong Kong Stock Exchange. In 1986, UNION V-TEX had achieved a tiny profit of just HK$448,000 and had a market capitalisation, based on ASL's offer, of HK$24.3 million.
In February 1987, ASL's offer became unconditional and Mr Wyllie's private company emerged as the holder of 52% of the shares in UNION V-TEX, which was then renamed ASIA SECURITIES INTERNATIONAL LIMITED (ASIL). ASIL expanded very rapidly with assets growing from just HK$24 million to approximately HK$2.1 billion by the end of 1989.
Part of this growth resulted from the acquisition in 1987 of a substantial minority interest in WAH KWONG PROPERTIES LIMITED (WKP), a formerly moribund quoted property company which had passed into the control of STANDARD CHARTERED BANK as Mortgagee in Possession. By the end of 1987, WKP had been completely reorganised, and following a successful bid by ASIL to privatise it, the company became a wholly owned subsidiary of the ASIL group in June 1988.
Mr Wyllie sold his controlling interest in ASIL for over HK$800 million early in 1991 and announced his intention to retire from active business in Hong Kong. It was his intention to spend more time with his family and to concentrate on his investments through the medium of his private investment company, WYLLIE GROUP PTY LIMITED. At the end of 1992, Mr Wyllie returned permanently to Australia.