SOCAM Development Limited (Stock Code: 983) announced a major transaction involving the disposal of its entire interest in Shui On Properties Management Services Limited and its subsidiary, which provide property management services in Hong Kong. The total consideration is HK$100 million.

According to the announcement, the purchaser is an independent third party based in the PRC, and completion is subject to various conditions precedent. Upon completion, the target company will cease to be a subsidiary of SOCAM.

The announcement states that the transaction is expected to generate a net gain of approximately HK$47 million, calculated mainly by comparing the consideration with the carrying value of the subsidiary. The estimated net proceeds of around HK$92 million are intended for general working capital. The disposal was approved by written shareholder consent in accordance with the Listing Rules.

SOCAM noted that the property management business is outside its core operations and that this disposal aligns resources with its principal businesses, including construction and property development.