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2007-2-15 03:01:00 p.m. HKT, XFNA
Hong Kong's Wai Yuen Tong to sell unit Conful for 188 mln hkd
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HONG KONG (XFN-ASIA) - Wai Yuen Tong Medicine Holdings Ltd said it has
agreed to sell its unit Conful Ltd to an independent third party, Golden
Orchard Holdings Ltd, for 188 mln hkd.
The principal asset of Conful Ltd is a six-storey building situated in
Hong Kong's Kowloon Bay with gross floor area of 12,000 square metres, it
said in a statement.
The company intends to continue to occupy a majority portion of the
property for self-use by leasing back the property for 10 years after the
sale.
Wai Yuen will also have an option exercisable at its discretion to take a
tenancy of the property for a further term of five years.
The net proceeds of 184 mln hkd from the disposal will be used to repay
bank loans and for general working capital, it said.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
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