Shun Tak weighs e-commerce potential

PUBLISHED : Thursday, 04 November, 1999, 12:00am
UPDATED : Thursday, 04 November, 1999, 12:00am
 

Shun Tak Holdings plans to look at investment opportunities in e-commerce related to tourism and hospitality, according to managing director Pansy Ho.


Speaking after a signing ceremony for a $1.92 billion revolving credit facility, she said it would like to seek investment opportunities in other 'innovative' industries, including high technology.


'But we will only consider business related to our original business,' she said, adding that Shun Tak was a service provider in tourism and hospitality.


Ms Ho said the company would assess investing in Disneyland's hotel projects if the Government provided them with detailed plans.


She said phase two of The Belcher's residential project in west Mid-Levels could be ready for sale early next year.


Yesterday, the company signed an agreement with 23 banks for the $1.92 billion revolving loan used for refinancing the company's 1996-signed existing outstanding.


The interest rate is set at 180 basis points over Hibor with a maturity of two years plus extension option.


The amount of the revolving facilities was increased from $1.5 billion to $1.92 billion after banks' oversubscription.


Ms Ho said the facility would not affect the existing gearing ratio of the company.


But she added that Shun Tak would later arrange a project finance for the development cost of its Cheung Sha Wan Shipyard redevelopment.


At the same occasion, Shun Tak chairman Stanley Ho Hung-sun said China Sci-Tech Holdings would not increase its shareholding in its 32.82 per cent owned China Online (Bermuda).


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