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Skyway (1141) sells 2 Lincoln Road to CSPT (0139) | CSPT announcement
Company announcement, 28-Nov-2016
CSPT owns 15.48% of Skyway and is paying with bonds convertible into 11.11% of CSPT, while Skyway owns 13.56% of CSPT, so this potentially increases the cross-holding. The sale values the property at HK$406m. They are selling the BVI company that indirectly owns the property, thereby avoiding all stamp duties. Skyway only acquired this company on 4-Mar-2016, so if it had bought and sold the property, the sale would have attracted 15% Special Stamp Duty, 15% Stamp Duty and 15% Buyer's Stamp Duty, a total of 45%, if anyone was mad enough to transact on those terms.
Organisations
- Celestial Lodge Limited
- Central Wealth Group Holdings Limited 中達集團控股有限公司
- CMBC Capital Holdings Limited 民銀資本控股有限公司
- Gold Mission Limited
- METRO VICTOR LIMITED 進鴻有限公司
- Sky Eagle Global Limited
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