CCT FORTIS Subsidiary to Divest Hong Kong Property for HK$42.45 Million

Stock News
05/22

CCT FORTIS (00138) announced that on May 22, 2026, the seller, Golden Profit Investments Limited (an indirect wholly-owned subsidiary of the company), entered into a provisional sale and purchase agreement with the buyer, World Dragon Limited. Under this agreement, the seller agreed to sell and the buyer agreed to purchase the property for a consideration of HK$42.45 million. The consideration was negotiated on an arm's length basis and determined under normal commercial terms.

The property comprises Units 01, 02, 03, 05, 06, 07, 08, 09, and 10 on the 18th floor of the CCT Telecom Building located at 11 Wo Shing Street, Sha Tin, New Territories, Hong Kong. It is currently held for investment and capital appreciation purposes and is vacant.

The property was acquired in 1998 and has been held by the group since then. It served as the group's office address from October 2018 until September 2023. In September 2023, the company relocated its office address from this property to its current location at Suite A, 26th Floor, Fortis Tower, 77-79 Gloucester Road, Hong Kong. Subsequently, the property has remained vacant.

As the company no longer requires the property for its own use, the board of directors believes the company should realize the investment in this property. The proceeds from the sale transaction are expected to further improve the group's financial and cash flow position.

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