New World Development (00017) said it agreed to acquire from Cheung Hung Development (Holdings) Limited 40% of the entire issued share capital of Sunbig Limited as well as shareholder's loan at HK$1,779 million.
Upon completion, New World Development will hold 90% of the issued share capital of Sunbig and Sunbig will become an indirect non-wholly-owned subsidiary.
The main assets of the target group are several land lots in Hong Kong.
The vendor is an associate of Chow Tai Fook Enterprises Limited, a substantial shareholder of New World Development which in turn together with its subsidiaries own about 43.35% stake in New World Development.
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