Star CM to Exit Minority Investment in Shanghai Binqiao Enterprise Management

MT Newswires Live

Jun 03

Star CM (HKG:6698) will exit its minority investment in Shanghai Binqiao Enterprise Management in exchange for complete ownership in Shanghai Xingkongshui'an Enterprise Development, according to a Tuesday filing with the Hong Kong bourse.

The firm entered an agreement to sell its 17.59% stake in Shanghai Binqiao for an implied value of 193.5 million yuan. The consideration will be satisfied via the entire equity interest in SH Xingkongshui'an plus a cash payment of 237,000 yuan on completion.

As part of the transaction, SH Xingkongshui'an will also assume a loan of around 266.59 million yuan owed to Star CM, which will mostly be offset against a 266.13 million yuan loan receivable.

The remaining 466,000 yuan will be settled in cash.

Star CM said the restructuring will help the firm gain direct ownership of a property development project in Shanghai's Yangpu district.

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The consideration will be satisfied via the entire equity interest in SH Xingkongshui'an plus a cash payment of 237,000 yuan on completion.</p><p>As part of the transaction, SH Xingkongshui'an will also assume a loan of around 266.59 million yuan owed to Star CM, which will mostly be offset against a 266.13 million yuan loan receivable.</p><p>The remaining 466,000 yuan will be settled in cash.</p><p>Star CM said the restructuring will help the firm gain direct ownership of a property development project in Shanghai's Yangpu district.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1128","symbol_name":"电影和娱乐","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2640927263","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2640927263","pubTimestamp":1780451221,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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