|Further Expands Its Business Portfolio to Co-working Space Market|
HONG KONG, July 2, 2019 - (ACN Newswire) - Affluent Partners Holdings Limited and its subsidiaries (the "Group"; stock code: 1466), which are engaged in strategic investment and provision of financial services, has announced the completion of its acquisition of 30% interest in Guardian City Limited ("Guardian City"), which owns 62.55% shares of Campfire Holdings Company Limited ("Campfire Holdings"), at a total consideration of HK$176.0 million. Upon the completion on 25 June 2019, Guardian City has become an associate of the Group and Mr. Archambaud-Chao Percy Henry Junior, Executive Director of Affluent Partners has been appointed as the Director of Guardian City.
Owned by Guardian City, Campfire Holdings is principally engaged in operation of co-working spaces and co-living spaces with ongoing expansion plan in Asia Pacific region under the Campfire brand (the "Brand"). The Brand, founded in 2016, is a global network of customised shared spaces with 14 venues spanning two countries including Hong Kong and United Kingdom, designed to accommodate the needs of different users. For the year ended 31 December 2018, Campfire Holdings recorded a revenue of HK$70.3 million, representing a rapid increment when compare with the same period of 2017.
The Group has been continuously exploring different opportunity to further expand its strategic investment and financial service business segment, including investments in real estate agency business and real estate investment funds as well as other potential investment opportunities. Backed by the acquisition, it is considered as a favourable investment movement to tap into co-working space market, which enable Affluent Partners to further expand its business portfolio among the realty market.
Mr. Archambaud-Chao Percy Henry Junior, Executive Director of Affluent Partners Holdings Limited, said, "Since last year, the Group has been gradually maintained expansion in real estate investment business through the strategic investment and financial services segment. We are very excited to announced the completion of the acquisition and we believe it is going to accelerates the growth momentum of the Group's investment business and facilitates our penetration into realty market. Leveraging the experience and market position of the Brand, it enables the Group to step forward in strengthening and to further expand our existing business portfolio by widening the spectrum from real estate agency business to co-working space business and co-living space business, hence, to capture the potential growth from the market. Moving forward, we will continue to explore new business opportunities, aiming for generate greater return to maximize shareholders' value."
About Affluent Partners Holdings Limited (stock code: 1466)
Affluent Partners Holdings Limited and its subsidiaries is one of the world's largest merchants, purchasers and processors of pearls. The Company was listed on the Main Board of the Stock Exchange of Hong Kong Limited in October 2014. Starting from FY2017, the Group has commenced to engage in the operation of strategic investment and financial services segment, and has invested in the realty market in the United Kingdom through the subscription of an investment fund and loan notes.
For more details about Affluent Partners, please visit its official website: www.affluent-partners.com/
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Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
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