Shun Tak Approves Up to HK$400 Million Support for Macau JV
MT Newswires Live
Jun 27
Shun Tak Holdings (HKG:0242) said it will provide up to HK$400 million in financial assistance to its equally held Macau joint venture with the Abu Dhabi Investment Authority, according to a Thursday Hong Kong bourse filing.
The support includes a guarantee for interest payments on a HK$2.9 billion loan from Bank of China (Macau) and potential unsecured shareholder loans with no fixed repayment terms.
The JV owns a 655,000-square-foot shopping complex in Nova City Phase 5, Taipa. Shun Tak cited slow post-pandemic recovery and higher financing costs as reasons for the funding, according to the filing.
Shares of the company closed 3% lower on Friday.
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