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NEW WORLD DEV Sells K11 Mgmt Biz to Adrian Cheng for $200M+
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On 26 September, K11 Group Limited and K11 Professional Company Limited, direct wholly-owned subsidiaries of NEW WORLD DEV (00017.HK)'s, sold a series of K11 management company businesses and rights agreements to Adrian Cheng, involving a total of $209 million, according to NEW WORLD DEV's announcement. The Purchaser, AC Group Limited (a wholly-owned company of Cheng), acquired all the issued shares in K11 Commercial Management Group Company Limited, K11 Gentry Club Limited, Share for Good Foundation (SFGF), K11 Loyalty Program Limited, Globo Travel Agency Limited and assigned loan interests at a consideration of $26.3 million, $27.211 million, $489,000, $4 million and $1 million, respectively. Through the Disposals, the Group will transfer the business in K11 to Cheng, which will optimize the cost structure to reduce general operating expenses, according to NEW WORLD DEV. The K11 management companies, through Cheng, will have access to established good business connections all over the world with manpower and resources in brand building. AAStocks Financial News |
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