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00659 NWS HOLDINGS
RTNominal up6.590 +0.060 (+0.919%)
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11/06/2018 11:21

NWS Holdings (00659) to sell construction firm to NWD (0017)

[ET Net News Agency, 11 June 2018] NWS Holdings (00659) said it agreed to sell to New
World Development (00017) the entire issued share capital of Celestial Path Limited for
HK$168 million.
The target company is an investment holding vehicle holding, directly or indirectly, the
other members of the Hip Seng Group. The Hip Seng Group is principally engaged in the
provision of building construction services, specializing in providing general contracting
and construction management services, in Hong Kong.
The unaudited gain expected to be derived from the disposal is about HK$61.1 million.
The estimated net sale proceeds of about HK$166 million will be applied to fund NWS
Holdings' general working capital with a view to enhancing the shareholder value of the
company. (HL)

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