[ET Net News Agency, 27 June 2018] Tai United Holdings (00718) said it agreed to sell
about 11.47% of the issued share capital of The Hongkong and Shanghai Hotels (HSH) (00045)
to Solis Capital Limited for about HK$2,359.8 million.
The consideration of HK$12.8 per sale share represents a premium of about 12.48% to the
closing price of HK$11.38 per HSH share.
Tai United expects to accrue a gain on completion of about HK$220 million in its income
statement for 2018. It will receive net proceeds (before transaction costs) of around
HK$1,374 million. The Group is considering the best use of the net proceeds of the
disposal to consider the declaration or recommendation of a cash dividend of not less than
HK$1,300 million. If no such dividend is declared, the net proceeds will be used for
general working capital and for acquisitions of assets that are perceived to be attractive
investment opportunities, but no such assets have been identified at this stage. (HL)
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00045 HK&S HOTELS
Nominal 
5.330 +0.030 (+0.566%) Others
27/06/2018 09:14
Tai United (0718) to sell stake in HK&S Hotels for HK$2.36bn
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