Parking space deal

PUBLISHED : Thursday, 18 April, 1996, 12:00am
UPDATED : Thursday, 18 April, 1996, 12:00am

AWT World Transport is diversifying into property with the purchase of 60 car parking spaces at Whampoa Garden from China Strategic Holdings in a deal worth $47 million.

Under the deal, AWT will issue to China Strategic an unsecured convertible note due in 1998 of which $40 million is convertible into AWT shares at an initial conversion price of 80 cents a share.

Assuming full conversion, China Strategic will hold 18 per cent of AWT's enrlarged share capital.