Shenzhen Pagoda to Sell 49% of Pagoda Commercial

MT Newswires Live

Feb 03

Shenzhen Pagoda Industrial (Group) (HKG:2411) agreed to dispose of a 49% interest in Pagoda Commercial Management in exchange for a capital contribution of around 1 million yuan, according to a Hong Kong bourse filing Monday.

Shares of the fruit retailer gained over 1% in morning trade Tuesday.

The company is offering the stake to its vice chairman Tian Xiqiu and financial director Lai Hin Yeung for an investment of 660,000 yuan and 300,000 yuan, respectively.

The transaction will lower the company's shareholding in Pagoda Commercial to 51.02%.

Meanwhile, the firm revised the terms of a previously granted 180 million yuan loan to Pagoda Commercial to convert the debt into an interest-bearing loan.

The debt will bear annual interest on the basis of the one-year loan prime rate of 3% plus 20 basis points.

Shenzhen Pagoda also agreed to lend a further 70 million yuan to Pagoda Commercial on the same terms.

The loans mature on March 31, 2029.

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