Riviera Plaza mall sold for $508m

Wang On Group now owns the mall.

According to an HKEx release, the Board of Wang On Group announced that on 20 November 2012, the Group, through the Purchaser (a wholly-owned subsidiary of the Company), was informed in writing that the Tender it submitted to purchase the Property at the Consideration of HK$508 million had been accepted by the Vendor.

The Property principally comprises the “Riviera Plaza” in Tsuen Wan, Hong Kong, which is currently leased to various third parties independent of and not connected with the Company and its connected persons for commercial purpose. The Property is sold with existing lettings and tenancies of terms ranging from one month to three years.

As the applicable percentage ratio is greater than 25% but less than 100% for the purpose of Rule 14.07 of the Listing Rules, the Acquisition constitutes a major transaction for the Company pursuant to Rule 14.06(2) of the Listing Rules and is therefore subject to reporting, announcement, circular and shareholders’ approval requirements under the Listing Rules.

The SGM will be held to consider and, if thought fit, pass the ordinary resolution(s) to approve, among other things, the Acquisition. As no Shareholder has a material interest in the Acquisition, no Shareholder is required to abstain from voting at the SGM in respect of the Acquisition and the transactions contemplated thereunder.

A circular containing, among other things, further details of the Acquisition and a notice of the SGM, will be despatched to the Shareholders on or before 11 December 2012.