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Vestate Group (01386) sells Kowloon Bay ppt for $150M
08 Feb 2018
(Infocast News) Vestate Group (01386) announced that it entered into formal agreements on 6 February 2018 for the sale of units 1 to 20 on 7th floor, unit 09 on 6th floor, unit 13 on 6th floor and car parking space L16 on basement all situated at Hope Sea Industrial Centre, 26 Lam Hing Street, Kowloon Bay for HK$150 million.

The net proceeds from the disposals of HK$149 million will be used as to not more than HK$75 million for the repayment of mortgage loan secured by the properties and the remaining balance as general working capital of the group.

An application has been made by the company to the Stock Exchange for resumption of trading in its shares with effect from 9:00 a.m. on 8 February 2018.

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