Lai Sun International (00191) and Lai Sun Development (00488) jointly announced that on April 8, 2024, Lai Sun...
According to the Zhitong Finance App, Lai Sun International (00191) and Lai Sun Development (00488) jointly announced that on April 8, 2024, Peakflow Profits Limited, a wholly-owned subsidiary of Lai Sun Development, plans to sell 10% of Bayshore Development's shares to Grand Design Development Limited at an initial cost of approximately HK$1,421.6 billion. Based on initial costs, Lai Sun Garment Group and Lai Sun Development Group are each expected to lose approximately HK$155 million on the sale.
In accordance with the terms of the sale agreement, the sale was completed on May 31, 2024. As a result, Lai Sun Garment Group and Lai Sun Development Group will each no longer hold any interest in Bayshore Development.