LSG unit in $346m pact over project

Lai Sun Garment (International) (LSG) subsidiary Kingscord Investment is to transfer its 70 per cent equity stake in a Shanghai property development to Lai Fung Holdings (LFH) for $346.7 million.

LSG said the move was a chance to rationalise group mainland development projects.

Directors of LSG, Lai Sun Development and LFH said LFH also had a sales agreement with Lim Por-yen, the controlling shareholder of LSG.

Under the terms of this agreement, Mr Lim will sell to LFH the entire share capital and shareholding loans due from Topsider International, the beneficial owner of 25 per cent of the Kingscord joint venture, with $123.8 million payable to Mr Lim.