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Chuang's Int'l (00367) sells Central Plaza Holdco
07 Dec 2017
(Infocast News) Chuang's Consortium International Limited (00367) (CCIL) and Chuang's China Investments Limited (00298) (CC) announced jointly that on 7 December 2017, they entered into a Sale and Purchase Agreement. Pursuant to the Sale and Purchase Agreement, CCIL conditionally agreed to sell or procure the sale of, and CC conditionally agreed to purchase or procure the purchase of, the Sale Shares (the entire issued share capital of the Central Plaza Holdco) and the Sale Loan (the entire amount of shareholder's loan owed by the Central Plaza Holdco to its shareholder). On the Completion Date, transfer of the Sale Shares and the Sale Loan from CCIL Group to CC Group will be effected.

The Consideration of the Proposed Transaction is, subject to adjustments, not more than MYR175 million (HK$336 million).

Central Plaza is built on a freehold land and is a 29-storey high rise office building having a total GFA of approximately 382,000 sq. ft.. It comprises of retail and office spaces with total GFA of approximately 254,000 sq. ft. (on total net lettable area basis is approximately 195,000 sq. ft.) and 298 carparking spaces with total GFA of approximately 128,000 sq. ft.. As at 30 November 2017, Central Plaza had an occupancy rate of approximately 71% and is leased to multiple tenants with the latest expiry date of 31 May 2020. Based on the Valuation and the monthly rental and other income of approximately MYR875,000 (equivalent to approximately HK$1.7 million) as at 30 November 2017, the gross rental yield of Central Plaza is approximately 6%.

Based on the consolidated net asset value of the Central Plaza Group of approximately HK$170.2 million as at 30 September 2017, it is expected that the completion of the Proposed Transaction will generate a net gain (mainly representing revaluation gain net of the related deferred taxation) to CCIL Group (after deducting non-controlling interests) of approximately HK$1.5 million after deducting expenses in relation to the Proposed Transaction.

CCIL is interested in approximately 60.7% of the issued share capital of CC.

Upon Completion, Central Plaza will be held as investment property by CC Group and the Central Plaza Group will become wholly-owned subsidiaries of CC, and the financial results of the Central Plaza Group will be consolidated into the financial results of CC. In addition to geographical expansion, the acquisition of Central Plaza will increase CC Group's property investment portfolio and enhance recurring rental income for CC Group.

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