Brief: Continental Holdings says unit Precious Palace International enters agreement

Continental Holdings

21/09/2016 15:45

Sept 21 (Reuters) - Continental Holdings Limited  0513.HK  : 
    * Continental H-very Substantial Disposal And Resumption Of 
Trading  
    * Vendor (a wholly-owned subsidiary of company), purchaser 
and company (as guarantor of vendor) entered into agreement 
    * Purchaser has conditionally agreed to acquire, and vendor 
has conditionally agreed to sell, sale share  and sale loans 
    * Deal for an aggregate consideration of hk$1.13 billion 
    * Trading in shares of company was halted with effect from  
20 september 2016 pending publication of announcement 
    * Co intends to use part of net sale proceeds from disposal 
to repay certain bank borrowings and release related mortgage on 
property 
    * Expected to record an estimated net gain from disposal of 
approximately hk$103 million 
    * Application has been made to stock exchange for resumption 
of trading in shares of co on stock exchange with effect from 22 
september 2016 
 
Source text for Eikon:  ID:nHKS6VbqZX  
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