National Electronics shares rally on asset disposal
National Electronics will sell a 50 per cent stake in a property valued at HK$1.6 billion
National Electronics Holdings’ shares were higher Wednesday in Hong Kong, after a subsidiary of the company agreed to sell a 50 per cent interest in a property company, which owns a parcel of land in Tai Tam, to BPE Asia Real Estate.
National Electronics estimates the net potential gain on the asset disposal to be about HK$285 million. The sale proceeds are intended for general working capital.
Shares of National Electronics rose 5.88 per cent to HK$0.9 in morning trade on Wednesday.
BPE Asia is a large and established independent alternative investment adviser.
The company’s funds operate a pan‐Asian investment programme. The company has been investing in Asia since its formation in 1997.
BPE and National Electronics said they would jointly construct the project into a luxury detached house development in Tai Tam.
The proposed development includes seven luxury detached houses located on a site of approximately 32,390 square feet each to be constructed with basement carports, private infinity pool and internal elevator.