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HONG KONG, Dec 10, 2018 - (ACN Newswire) - Emperor International Holdings Limited ("Emperor International" or the "Group") (Stock code: 163) today entered into a provisional agreement regarding the disposal of Inn Hotel Hong Kong (the "Hotel"), one of its existing hotels, at a cash consideration of HK$1,100 million.
Located in Kowloon, the Hotel is a 30-storey hotel offering 199 guest rooms, with a gross floor area of approximately 48,600 sq.ft. As at 30 September 2018, its carrying value on the balance sheet of the Hotel amounted to approximately HK$421 million. From this disposal, the Group expects to record an unaudited gain of approximately HK$746 million and net proceeds of approximately HK$1,094 million, which will be used as general working capital and for future business development. Such disposal is expected to be completed on or before 10 June 2019.
Mr. Donald Cheung, Executive Director of Emperor International, said, "It is a good opportunity for the Group to realize the Hotel at a premium. The relevant net proceeds will enhance the financial position of the Group and strengthen the capital reserve for backing up investment opportunities in the future."
In addition to the disposal of the Hotel, Emperor International has recently successfully disposed of a 2-storey retail complex (with the right of use of a wall-mount advertising signage on the external wall) located on Nos. 4-8, Canton Road, Tsim Sha Tsui, Kowloon with an aggregate saleable area of 2,776 sq. ft. at HK$1.8 billion. The entire complex was purchased in phases from 2007 to 2010 with a total purchase cost of HK$1.16 billion. The disposal has once again demonstrated the Group's sound and effective strategies on investment property.
About Emperor International Holdings Limited Emperor International is an investment holding company, which is principally engaged in property investments, property development and hospitality with property portfolio of over 5 million square feet in the Greater China and overseas. Under its tri-engine business model, Emperor International owns many investment properties in prime locations that generate stable recurrent income; runs many property development projects for earning visibility; and develops hospitality services with strong recurrent cash flow. With its management execution strengths and market insight, Emperor International aims to be a key property player in Greater China. Emperor International has become one of the constituent stocks Hang Seng Corporate Sustainability Benchmark Index since September 2018. It is also an eligible security for Southbound trading under Shenzhen-Hong Kong Stock Connect programme. For more information, please visit its website: www.EmperorInt.com.
Investor/Press Enquiry
Ms. Anna Luk
Group IR Director
Tel: +852 2835 6783
Email: annaluk@emperorgroup.com
Ms. Janice Au
Group IR Manager
Tel: +852 2835 6799
Email: janiceau@emperorgroup.com
Topic: Press release summary
Source: Emperor International Holdings Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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