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BRIEF-Lenovo announces disposal of interest in a JV company
March 2, 2017 / 12:06 AM / 9 months ago

BRIEF-Lenovo announces disposal of interest in a JV company

March 2 (Reuters) - Lenovo Group Ltd

* unit entered into an equity transfer agreement in relation to disposal of 49% equity interest in Chengdu Lian Chuang Rong Jin Investment

* Deal for a consideration of approximately rmb1.62 billion

* Pre-Tax gain arising from disposal is estimated to be approximately hk$1,696 million

* among undistributed profits of disposal company as at 31 december 2016, approximately rmb264 million will be distributed to seller prior to completion of disposal.

* following disposal, company and its subsidiaries will cease to have any equity interest in disposal group.

* Purchaser is Beijing Sunac Raycom Real Estate Company Limited

* “proceeds received from disposal are intended to be used for general corporate purposes.” Source text for Eikon: Further company coverage:

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