Wang On Properties (01243) and Wang On Group (01222) said in a joint statement that they have agreed to sell the stake and shareholder loan of a target company to a direct wholly-owned subsidiary of CHTC Fong's International (00641) for HK$324.47 million.
The principal assets of the target company are the properties comprising office units and car park units located on Levels 13 and 6 respectively of Kowloon Commerce Centre.
The net proceeds (after repayment of an existing outstanding bank loan of HK$131 million and deducting other expenses in relation thereto) arising from the disposal of HK$189.5 million will be used for the group's general working capital and property development purposes.
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