New | Hong Kong's Landsea Green Properties says it may buy assets from controlling shareholder
Shares of Landsea Green Properties traded lower Wednesday after the company said it had agreed a memorandum of understanding regarding a possible acquisition of assets from its mainland China controlling shareholder Landsea Group.
The share eased 1 Hong Kong cent, or 1.4 per cent, to 69 HK cents in early afternoon trade.
The company said in a filing to the Stock Exchange of Hong Kong that the connected transaction may involve “certain assets and ancillary service businesses from Landsea Group and its relevant subsidiaries.” “The possible acquisitions will increase the group’s portfolio of projects, land reserves area, and thereby increase the assets size and profitability of the group,” the company said.
The company is the only listed platform under Landsea Group engaging in green residential properties development business.
“Not only will Landsea Group continue to support the company with financial resources, human resources and technologies to develop new projects, Landsea Group will also look for suitable opportunities to inject its existing properties projects and ancillary service businesses into the company,” the company said in the filing.
