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Magnificent Hotel Investments Limited ( (HK:0201) ) just unveiled an update.
Magnificent Hotel Investments Limited has agreed, through its wholly owned subsidiary Mercury Fast Limited, to sell 68,139,510 shares of Shun Ho Property Investments Limited back to Shun Ho Property for HK$48.1 million in an off-market share buy-back. The repurchased shares, representing 11.75% of Shun Ho Property’s issued share capital, will be held as treasury shares, thereby proportionally increasing the ownership stakes of remaining shareholders once conditions for completion are satisfied.
Magnificent Hotel plans to return most of the buy-back proceeds to its own shareholders as a special cash dividend, subject to approval at an extraordinary general meeting and completion of the buy-back. Because the transaction involves a controlling shareholder and exceeds certain percentage thresholds under Hong Kong Listing Rules, it is classified as both a connected and discloseable transaction, requiring reporting, announcement, independent shareholders’ approval and ongoing compliance oversight for both Magnificent Hotel and Shun Ho Property.
More about Magnificent Hotel Investments Limited
Magnificent Hotel Investments Limited is a Hong Kong-incorporated investment company focused on hotel assets, while its affiliate Shun Ho Property Investments Limited operates in the property investment sector. Both entities are listed on the Hong Kong Stock Exchange and share a common controlling shareholder, reflecting an integrated structure spanning hospitality and real estate holdings.
Average Trading Volume: 2,192,654
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$626.3M
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