ITC Properties (00199) said it agreed to acquire the entire issued share capital of Westfountain Co. Ltd. and the shareholder's loan at no more than HK$800 million from Cheuk Nang (00131).
The principal asset and activity of the Westfountain Group is the entire property interest in and leasing of Cheuk Nang Plaza, a 31-storey commercial building with 25 car parks situated at 244-250 Hennessy Road, Hong Kong held for rental purpose with total gross floor area of about 55,621 square feet which currently generates rental income of around HK$1.5 million per month.
Cheuk Nang is expected to recognize a gain of about HK$359 million from the disposal.
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