Boto sells Christmas trees for $1b to work on cartoons
Shares in Boto International Holdings, the world's biggest maker of artificial Christmas trees, plunged more than 10 per cent yesterday after the company said it would sell its core business for about HK$1 billion in cash. Boto will switch its focus to animated computer graphics, a start-up business it entered 18 months ago that has yet to generate revenue. It will rename itself Imagi International Holdings.
Boto's shares initially surged on the news, touching 40 HK cents, before ending at 30.
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