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Asia Orient (00214) released annual performance, with shareholders' losses of HKD 3.769 billion, turning a profit into a loss compared to the same period last year.
According to the financial news app, Asia Orient (00214) has released its annual performance as of March 31, 2024. The company earned HKD 1.903 billion in revenue, a decrease of 17% year-on-year; the shareholders suffered losses of HKD 3.769 billion, compared with a profit of HKD 429 million in the same period last year, with a loss of HKD 4.48 per share. The announcement mentioned that the main reason for the loss was the increase of expected credit losses for debt security investments. Other changes included the property development project of the joint venture located in Gu Dong Bei, which failed to reach a consensus with the government on land price compensation within the specified time limit, resulting in the government reclaiming the land and causing a loss of market share.
Express News | Asia Orient - FY Revenue HK$1,903 Mln Vs HK$2,303 Mln
Express News | Asia Orient - FY Loss Attributable HK$3,769 Mln Vs Profit HK$429 Mln
ASIA ORIENT: Announcement of results for the year ended 31st March 2024
Asia Standard (00129) plans to buy all of Asia Standard Hotel (00292) at a 53% premium.
Jingu Finance News | Asia Orient (00214), Asia Standard (00129), and Asia Standard Hotel (00292) jointly announced that they are planning to carry out group restructuring. Asia Standard International, a wholly-owned subsidiary, will make a tender offer to acquire all shares of Asia Standard Hotel held by it and the persons acting in concert, which accounts for approximately 33.29% of the total share capital. For every 20 shares, they will receive 3 newly issued shares of Asia Standard International and HKD 0.7 in cash, which is equivalent to approximately HKD 0.110 per share, representing a premium of approximately 52.78% over the closing price of Asia Standard Hotel shares at HKD 0.072 yesterday, but adjusted based on a diluted basis at the end of September 2023.
Asia std hotel (00292.HK) received a privatization offer with a premium of approximately 52.78%.
On June 20th, Gelun Hui reported that Asia Standard Group (00129.HK), Asia Standard Hotel (00292.HK) and Asia Orient Holdings (00214.HK) jointly announced that on June 19, 2024, the board of directors of Asia International and the offeror's board of directors requested the board of directors to submit a proposal for the group restructuring to the planned shareholders. After the plan is effective, Asia Standard Hotel will become an indirectly non-wholly owned subsidiary of the unlisted company and Asia International, and the listed status of its shares on the main board of the Stock Exchange of Hong Kong will be revoked. After the plan conditions are met and the plan becomes effective, all planned shares will be cancelled and the planned shareholders will have the right to receive Asia International's
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