New World discusses stake sale in HK's new flagship stadium with parent (updated)

CTF Services

26/09/2024 10:40

(Updates with further details and background)
       Sept 26 (Reuters) - Debt-laden New World Development
 0017.HK  is in talks to offload its entire stake in a
multi-purpose sports venue in Hong Kong to the conglomerate's
parent, Chow Tai Fook Enterprises, it said on Thursday.
    In a separate announcement, the developer appointed Ma
Siu-Cheung as its top boss to replace Adrian Cheng - the
third-generation scion of the firm's founding family.
    New World suspended trading in its shares earlier in the day
before making the announcements. The firm has applied to the
Hong Kong bourse to resume trading from Friday.
    Kai Tak Sports Park, initially set for completion in June
2023 but delayed due to COVID-19, is now expected to open next
March, the city's sports minister said earlier this month.
    The HK$30 billion ($3.86 billion) multi-purpose sports venue
is Hong Kong's new flagship stadium, operated by Kai Tak Sports
Park Ltd, 75% owned by a New World unit. 

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Vijay
Kishore)
 ((Rishav.Chatterjee@thomsonreuters.com;))