[ET Net News Agency, 7 December 2021] Far East Consortium International Limited (00035)
said the seller (an indirect wholly-owned subsidiary of the Company), the company (as the
seller's guarantor), CLP Properties Limited (the purchaser), and the purchaser guarantor
entered into the SPA, pursuant to which the seller agreed to sell to the purchaser the
sale share, and assign and transfer to the purchaser the benefit of the sale loan free
from all encumbrances, and the purchaser agreed to purchase the sale share together with
all rights attaching thereto as at completion and take an assignment of the benefit of the
sale loan free from all encumbrances, with effect from completion, at a consideration of
HK$3.38 billion subject to the post-completion adjustment.
The disposal involves the sale of the target company which currently owns the land and
the development situated in Kai Tak. The development will be divided into, amongst others,
the hotel portion and the non-industrial portion (including the office portion). pursuant
to the approved GBP, the gross floor area as approved by the Building Authority shall be
16,192.35 sq. m. for the office portion and 15,378.098 sq. m. for the hotel portion.
Pursuant to the SPA, the target company will assign the hotel portion to another
subsidiary of the company (i.e. the hotel portion owner) prior to completion under the
hotel portion assignment, such that the purchaser will be purchasing the target company
(holding only the non-industrial portion (including the office portion)) at completion.
(RC)