Jinwu Financial News | The stock price of New World Development (00017) declined. As of press release, it fell 5.99% to HK$6.43, with a turnover of HK$0.112 billion.
According to the news, the company announced a connected transaction to sell 75% of the Kai Tak Sports Park project-KTSPL shares to the main shareholder, Chow Tai ?$#@$ (01929), at a cost of 0.417 billion yuan. The net proceeds will be allocated to general working capital. The remaining 25% of KTSPL's shares are held by Newly Created Group (00659). The statement said that since the Kai Tak Sports Park is expected to open in January 2025, it is estimated that additional external financing may be required to support the initial operation of the Kai Tak Sports Park, which is not in line with the Group's current deleveraging policy.
Furthermore, it was recently rumored that New World Development CEO Ma Shaoxiang is expected to step down. The company expects to issue a statement on Ma Shaoxiang's resignation as early as Friday afternoon.