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2007-5-2 12:03:00 p.m. HKT, XFNA
HK-listed South China Land seeks greater Shenyang mall control for 392 mln hkd
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HONG KONG (XFN-ASIA) - South China Land Ltd said it is seeking to gain
greater control over a shopping mall project in Shenyang city in China's
Liaoning province by buying out its affiliate for 392 mln hkd.
The company said it has agreed to acquire the remaining 49 pct stake it
does not already own in investment firm Praise Rich Ltd from affiliate South
China Industries (SCI).
South China Land already owns 51 pct of Praise Rich.
However, under the plan, the purchase will be financed by an issue of
convertible notes to SCI, which would make SCI the controlling shareholder of
South China Land, with up to a 95.47 pct stake following the conversion of
the notes, it said.
Praise Rich owns an 80 pct interest in a 29,893.5-square meter commercial
site in the Shenhe district of Shenyang. The remaining stake is owned by
mainland investors.
Owners of the site plan to build a seven-story shopping mall on the site
expected to generate a gross floor area of 117,200 square meters. The project
will be completed next year, the company said.
""The acquisition ... would enable South China Land to fully consolidate
the results of the project, which is expected to have substantial growth
potential in the future,"" it said.
As of 11.48 am, South China Land was up 0.01 hkd or 3.13 pct at 0.33.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
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