30pc stake sold for $94.5m

PUBLISHED : Monday, 13 December, 1993, 12:00am
UPDATED : Monday, 13 December, 1993, 12:00am

HONG Kong Macau (Holdings) (HMH) has agreed to buy a 30 per cent stake in its 70 per cent owned subsidiary Meiner Investment, as well as Meiner's loans, for a $94.5 million.

That will make Meiner Investment a wholly owned subsidiary of HMH.

The only asset of Meiner is a 90 per cent interest in China-based joint venture Shenzhen SEZ Development Centre, of which the sole asset is the basement, six floors and 189 car-park spaces in a commercial property known as Shenzhen Development Centre.

Most of the property is now leased and rental income is about $2.4 million per month.

''The acquisition will result in Meiner being a wholly owned subsidiary of HMH and will enable HMH to enjoy the entire benefit of the rental income generated by the property or any potential appreciation in value of the property,'' said company secretaryLeung Lai-oi.

The shares will be acquired from Overseas Source for $64.3 million, while the loan will be purchased from Pioneer Express Co for $30.2 million.

Both the share and loan vendors are held by China Weal.