[ET Net News Agency, 11 July 2019] Imperial Pacific International Holdings Limited
(01076) said its subsidiary Excel Earth Limited has entered into a sale and purchase
agreement with First Sinopan International Limited in relation to the acquisition of 50%
equity interest in American Sinopan LLC (the target company) at a total consideration of
US$23.65 million.
The target company owns two pieces of land on the Island of Saipan, with a total land
area of 129,687m2 and gross floor area of 115,870.25m2 . Fitting out work for one of the
lands has been completed, and it is an approved alteration project (including 12 villas
and a three-storey public building) under construction. The other land is the project site
for Casha resort hotel to be constructed with more than 1,700 rooms and construction work
has started.
In view of the location and the uses of the lands under the target company, the
directors consider that the acquisition of the target company is in line with the business
development strategy and plans of the group. (RC)
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01076 IMPERIAL PAC
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0.064 0.000 (0.000%) Others
11/07/2019 11:39
Imperial Pac (01076) to buy 50% of Saipan lands
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