Century City International (00355), Paliburg Holdings (00617) and Regal Hotels International (00078) said P&R Holdings Limited, a 50-50 joint venture of Paliburg and Regal, has acquired 50% equity interest in Prosper Harvest Investments Limited at about HK$165.7 million.
The principal asset of Prosper Harvest is its interest (through its wholly-owned subsidiaries, Leading Brand and Land Crown) in the iclub Ma Tau Wai Hotel which is located at To Kwa Wan, Kowloon. Prosper Harvest has become a wholly-owned subsidiary of P&R Holdings and a subsidiary of Century City and Paliburg.
P&R Holdings and Regal Real Estate Investment Trust (01881) executed the LOI setting out the principal terms of the possible disposal of the entire issued share capital of Prosper Harvest and the shareholder loan by P&R Holdings to Regal REIT or its designated wholly owned subsidiary. The consideration will be HK$1,360 million plus a customary adjustment for the current assets of the Prosper Harvest Group as at the possible disposal completion date.
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