The 13 Holdings Ltd has entered into a sale and purchase agreement for approximately 51.6 percent interest in the company, for a total of HK$300 million (US$38.4 million).
Precious Year Ltd (ITCP) acquired 558.5 million sale shares representing approximately 45.8 percent of the issued share capital of the company, while Tycoon Bliss Limited acquired 73.2 million sale shares, representing approximately 6 percent of the issued share capital.
ITCP paid an initial deposit of HK$106 million, of which HK$46 million shall be payable The 13 within three business days of signing the sale purchase agreement, and a refundable earnest money of HK$60 million. A further deposit of HK$53 million shall be payable upon a satisfactory due diligence review and the remaining balance of HK$106.2 million shall be paid to the upon completion.
It is understood that both purchasers are connected persons of the company.
In a separate release The 13 Holdings announced its year end results for the year ended March 31.
Loss attributable to owners of the company narrowed to HK$45 million in 2017, down 77 percent from HK$197 million, while revenue totalled HK$6.1 billion, down around 10 percent from HK$6.8 billion in the prior year.
The 13 said the narrowed loss came mainly from the absence of one-off pre-opening expenses in relation to hotel under development segment as recorded in last year and decrease in legal and professional fees.
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