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CG SERVICES Sells 1.49% Stake in Zhuhai Wanda for RMB3.142B
Recommend 6 Positive 12 Negative 8 |
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CG SERVICES (06098.HK)''s indirect wholly-owned subsidiary, Country Garden Property Services HK (CGS HK), has disposed of approx. 108 million shares or 1.49% equity interest of Zhuhai Wanda to Zhuhai Wanying and Dalian Wanda at a consideration of RMB3.142 billion, according to CG SERVICES' announcement. Upon completion of the disposal, CGS HK will still hold 22.1094 million shares or 0.31% of the shares of Zhuhai Wanda. The Group currently proposed to use the proceeds of consideration from the disposal for general working capital and other purposes as approved by the Board. After deducting the initial investment cost on the target shares recognized by the Company of approx. RMB2.681 billion, the remaining consideration of approx. RMB461 million will be credited to the retained profits of the Company, which is expected to result in an increase in net asset value of the Group of approx. RMB461 million. As the equity investment in the target company is recognized as an equity investment at fair value through other comprehensive income, the gain on the disposal will not be included in profit or loss. CG SERVICES believed that the disposal represents a good opportunity for the Group to strategically focus and curtail its financial investments by selling back the shares in accordance with the investment exit schedule, which helps the Group to recover capital and concentrate on the operation of its core businesses. AAStocks Financial News |
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