Pacific Century to Sell Indonesian Property in HK$3.12 Billion Deal; Shares Up 5%

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Pacific Century Premium Developments (HKG:0432) agreed to sell the holding company of an Indonesian property in a HK$3.12 billion deal, according to a Hong Kong bourse filing Monday.

The firm is selling Rafflesia Investment, the ultimate owner of the Pacific Century Place property in Indonesia, to CMB International Investment Management.

The firm said it expects to record a loss of up to HK$117 million on the sale.

CMB International will also assume a loan owed by Rafflesia Investment to Pacific Century.

Shares of Pacific Century jumped over 5% in recent morning trade.

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