Brief: SOCAM Development enters into disposal agreement
29/08/2016 13:48
Aug 29 (Reuters) - SOCAM Development Ltd 0983.HK : * Discloseable transaction - disposal of 35% equity interest in Nanjing Jiangnan Cement Co., Ltd. 0983.HK * Vendor and the purchaser entered into the framework agreement * Says the total transaction amount, initially being approximately RMB147.6 million * Purchaser agreed to provide purchaser's loans to target company for partial settlement of vendor's advances * Group will record a gain of approximately HK$34.2 million on the transaction * Says net proceeds will be used by the group to primarily reduce bank borrowings * Net proceeds from transaction of about RMB135.1 million will be used to primarily reduce bank borrowings * Source text for Eikon ID:nWNBS02XK1 * ((Further company coverage: 0983.HK )) ((Bangalore.newsroom@thomsonreuters.com))
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