New World Development (HKG:0017) sold 100% equity interest in New World Sports Development to its substantial shareholder, Chow Tai Fook Enterprises, for HK$416.7 million.
Under the agreement, the buyer will also be assigned a sale loan of HK$679.9 million owed by the target company to the company, a Friday Hong Kong bourse filing said.
The company plans to use the net proceeds from the disposal for its general working capital.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments