Edition:
India

Wing Tai Properties Updates On Investment In A Joint Venture Company


Wednesday, 26 Sep 2018 

Sept 26 (Reuters) - Wing Tai Properties Ltd <0369.HK>::ANNOUNCES SOUTHWATER (BVI), A JOINT VENTURE COMPANY ESTABLISHED BY GROUP AND CSI GROUP.AGGREGATE FUNDING REQUIREMENTS ESTIMATED TO BE ABOUT HK$15.5 BILLION IN JV SOUTHWATER (BVI).WING TAI SUBSIDIARY AND CSI SUBSIDIARY WILL EACH OWN 50% STAKE IN SOUTHWATER (BVI).GROUP AND CSI GROUP HAVE AGREED THAT CSI MAY SERVE SUBSCRIPTION NOTICE FOR 30 NEW SHARES IN SOUTHWATER (BVI) AT US$1 EACH.UPON CLOSING OF SUBSCRIPTION, CSI SUBSIDIARY SHALL MAKE FURTHER CAPITAL CONTRIBUTION.UPON CLOSING OF SUBSCRIPTION, CSI SUBSIDIARY WILL MEET ITS SHORTFALL IN 15% OF CAPITAL CONTRIBUTIONS (OF ABOUT HK$940 MILLION) TO JV.REDUCTION IN SHARE OF ACCUMULATED LOSSES IN SOUTHWATER GROUP FROM DISPOSAL, GROUP WILL RECORD GAIN ON DISPOSAL OF ABOUT HK$30 MILLION. 

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