China Star sees additional gain from LKF sale

China Star Entertainment said it will receive an additional gain from the sale of the Hotel Lan Kwai Fong in Macau following an analysis of the accounts post closing.

The company said the transaction agreement provided for an adjustment to the price if the actual working capital represents a net asset amount of more than HK$0.5 million.

The additional cash, which amounted to HK$34.4 million ($4.4 million) takes the total sale price to HK$2.034 billion.  

China Star agreed to sell the property last October to a local businessman to focus on property investment.

Part of the sale price will be used to repay about HK$700 million in bank loans. Prior to the adjustment, Star Entertainment had said it expected net proceeds of HK$1.29 billion.

 

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