ACQUISITION

BCL to inject assets into Juda

PUBLISHED : Wednesday, 24 September, 2014, 2:51pm
UPDATED : Wednesday, 24 September, 2014, 3:07pm

Beijing Capital Land (BCL) said it plans to inject a commercial project with outlet shops in Xian to its 65-per-cent-owned Juda International Holdings for HK$1.96 billion to turn the latter into an overseas-incorporated listed real estate platform of the state-owned enterprise.

Shares of Juda rose 0.75 per cent to HK$2.67 in the morning after the announcement, while shares of BCL remained unchanged at HK$2.74.

To fund the acquisition, Juda will issue 738.13 million convertible preference shares at an issue price of HK$2.66 per share.

“Juda will focus on outlets-backed integrated property projects and commercial property projects in China, and BCL will continue to engage in the development of residential property projects, commercial property projects and outlets-backed integrated property projects,” BCL said in a filing with the stock exchange.

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