Shun Tak's Subsidiary to Develop, Operate Adventure Zone at Ocean Park Hong Kong

Shun Tak's (HKG:0242) subsidiary Shun Tak AJ Hackett Skypark entered into a development and operating agreement and a sub-lease agreement with Ocean Park Corporation, a Thursday filing with the Hong Kong Exchange said.

Under the agreements, Shun Tak AJ Hackett Skypark will develop a new adventure park with an area of 120,000 square meters at Ocean Park Hong Kong and then operate it until the sub-lease expires.

The term of the agreement starts from the date of the filing until the end of the term of the sub-lease on Dec. 18, 2057, with the maximum time limit for the development phase set as five years after the start of the sub-lease.

On the same day, Shun Tak Skypark Investment, another subsidiary of the company, entered into shareholders agreement with Coldharbour Investments Hong Kong, the other 50% owner of Shun Tak AJ Hackett Skypark, and other related parties including the company and guarantors.

Under the shareholders agreement, the parties set the cap for the total development, construction and operating cost of the adventure zone to be handled by Shun Tak at HK$352 million. The cost will be funded through shareholders loan and CIHKL loan according to the shareholding of the respective parties.