HONG KONG: Lai Sun sells off 51.01% of Crocodile
06 Mar 2014
Source: just-style.com
Lai Sun Garment will sell 51.01% of clothing division Crocodile Garments to chairman Lam Kin Ming for HKD192.03m (US$24.6m), Reuters reported.
Lai Sun will still hold 3.92% of Crocodile, which Lam is also chairman of, after the transaction.
The company will invest about HK137m of the sale proceeds into paying a government fee for a joint commercial and office property development project with Crocodile in Kwun Tong, Hong Kong. The rest will be working capital.
Lai Sun was also reported as saying it would sell a property in Shanghai’s Zhabei district to affiliate Lai Fung for HKD393m. Lai Sun’s stake in Lai Fung would then increase to 49.95% from 45.13%.
