Eminence Enterprise to Buy Property-Owning Firm from Easyknit Unit; Shares Jump 6%

MT Newswires Live

Oct 13

Property developer Eminence Enterprise (HKG:0616) agreed to acquire Mark Profit Development from Easyknit International (HKG:1218) unit Easyknit Properties, an Oct. 10 Hong Kong bourse filing said.

Shares of Eminence Enterprise were up 6% in Monday afternoon trading.

Mark Profit owns certain shops in Fa Yuen Plaza in Kowloon with a saleable area of 13,544 square feet, as well as stock in certain Hong Kong-listed firms.

The property was developed and has been held by Easyknit for 20 years.

The purchase price for the deal is expected to be around HK$268.4 million and will be settled through the issue of a five-year convertible bond with a 5% interest rate.

The bonds will be convertible at HK$0.169 apiece into a maximum of nearly 1.59 billion shares in Eminence Enterprise.

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