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19/05/2015 08:35

COLI (00688) plans to spin off property management business

[ET Net News Agency, 19 May 2015] China Overseas Land & Investment (COLI) (00688) said
it has agreed to purchase from its 37.98%-owned China Overseas Grand Oceans Group (00081)
the entire equity interest in China Overseas Grand Oceans Property Management Limited for
about Rmb50 million.
The target is principally engaged in the property management business in the People's
Republic of China and the acquisition would have the benefit of enhancing the Group's
property management business in the PRC.
Besides, COLI s considering the possibility of a spin-off and separate listing of the
property management business of the Group on the Stock Exchange by way of introduction to
be implemented by means of a distribution in specie of the shares of the spun-off entity
to the shareholders. No application for the possible spin-off has yet been made to the
Stock Exchange and no final decision has been made whether or when to proceed with the
possible spin-off. (HL)

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