China Overseas Grand Oceans Group Limited Announces Acquisition of Property Portfolio from COLI
[ Date：2016-10-20 Visits： ]
China Overseas Grand Oceans Group Limited (“COGO” or the “Company”; Stock Code: 00081.HK) announced recently that, the Company has reached an agreement with China Overseas Land & Investment Limited (“COLI”), that COGO will acquire the COLI target group, which property portfolio mainly comprises residential property development projects located in emerging third tier cities in the PRC. Upon completion, the target group will become an indirect wholly-owned subsidiary of the Company.
The initial consideration of the acquisition is RMB3.5 billion (equivalent to HK$4.1 billion). Through this transaction, COLI will remain interested in approximately 37.98% of the total issued shares of the Company and the controlling shareholder of the Company. The COLI target group, which COGO is acquiring from COLI, mainly comprises residential property development projects, with a total GFA of approximately 9.52 million sq. m., located in emerging third tier cities in the PRC (including Yangzhou, Huizhou, Huangshan, Weifang, Zibo, Jiujiang and Shantou). (from COHL)【print】 【closed】