July 8, 2020 / 1:41 PM / a month ago

BRIEF-Panasialum Says Resolved To Dispose Land At Guangzhou By A Public Auction

July 8 (Reuters) - Panasialum Holdings Co Ltd:

* RESOLVED TO DISPOSE LAND PARCEL AT GUANGZHOU BY WAY OF A PUBLIC LAND AUCTION

* GROUP WILL BE COMPENSATED BY PLANNING & NATURAL RESOURCES BUREAU FROM PROCEEDS DERIVED FROM SALE OF LAND

* THEORETICAL MINIMUM BID PRICE FOR LAND TO BE AT LEAST RMB1,112.2 MILLION

* EXPECTS COMPENSATION AMOUNT FROM PROPOSED DISPOSAL TO BE ABOUT RMB1.5 BILLION

* EXPECTS NET GAIN OF AT LEAST ABOUT RMB1.39 BILLION FROM PROPOSED DISPOSAL

* PANASIALUM SEES COMPENSATION OF RMB667 MILLION FROM DISPOSAL IF ‍FINAL BID PRICE IS SAME AS THEORETICAL MINIMUM BID PRICE Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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