Pearl Oriental chief renews bid to offload stake
Pearl Oriental Holdings chairman Wong Kwan is again having talks on the possible sale of his controlling stake in the troubled property company.
The latest discussions follow the collapse of Mr Wong's negotiations with four other possible buyers last year and early this year, including Chinachem Group chairman Nina Wang Kung Yu-sum.
Pearl Oriental said Mr Wong was in talks with a potential party regarding a possible disposal of all or part of his stake.
The discussion was at a very preliminary stage and there were no concrete terms so far, including the price and percentage of shareholding to be sold.
The company said the discussion might or might not lead to a concluded transaction or result in an introduction of a new controlling shareholder and a general offer to shareholders.
Mr Wong owns 50.17 per cent of the company through Charcon Assets and his personal holding.
Pearl Oriental made a loss last year of HK$1.11 billion, or 8.3 HK cents per share. The stock closed yesterday at 1.8 HK cents from a previous close of 1.6 HK cents.
At June 30, the company's total indebtedness was about HK$1.38 billion.
In July, the company saw its luxury residential property on The Peak, The Genesis, repossessed by the mortgagees.
The property is expected to be put on public tender sale next month.
