Socam to sell HK$1b stake in Shui On Land

Shui On Construction and Materials (Socam) plans to sell up to HK$1 billion worth of shares in Shui On Land to its parent firm for debt repayment. Socam has agreed to sell up to 130.2 million Shui On Land shares, or a 3.11 per cent stake, at HK$7.68 to HK$8.50 each. The company is expected to book a one-time disposal gain of HK$497 million to HK$546 million by the end of the year. After the deal, Socam still holds 9.46 per cent of Shui On Land, based on the HK$7.68 selling price. Shui On Group will boost its stake in Shui On Land to 44.69 per cent.