Lai Sun Development Company Limited (488) reported a major transaction involving the disposal of its entire limited partnership interest in a Cayman Islands exempted limited partnership. The agreed purchase price is US$14,635,415.84 (approximately HK$114 million), subject to upward or downward adjustments based on any additional capital contributions or distributions before closing.

According to the announcement, the transaction is classified as a major transaction under the Listing Rules and has already received written shareholders’ approval, thereby eliminating the need for an additional general meeting. Following the disposal, Lai Sun Development expects to record a loss of around HK$100 million relative to the partnership interest’s fair value as reported in its financial statements. The loss figure may be revised upon final adjustment of the purchase price.

Management stated that the disposal will enable a full exit from the partnership, enhancing the group’s liquidity position. Net proceeds of approximately HK$113 million, after relevant costs, are earmarked for general working capital. Should the aggregate distributions earned by the purchasers exceed both designated thresholds during the specified Earn-Out Period, an additional earn-out payment may be made to Lai Sun Development. The completion of the disposal remains subject to various closing conditions outlined in the agreement.