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Million Hope (1897) in 50:50 JV with Angelo Gordon partnership to buy 55 Nga Tsin Wai Rd, Kowloon, for HK$195m

Company announcement, 17-Dec-2021

MH fails to state that sister Hanison (0896) is also in a 50:50 JV with AG to develop neighbouring 57A. MH, in the business of curtain walls, was spun off in 2019 by Hanison, which stuffed it with cash to meet the HK$500m NAV listing requirement. A "clear deliniation of business" was promised. Now MH says the "one-off" property development is a better use of its "idle cash". Of course, if a company has idle cash then it should be distributed to shareholders. The site sits behind the Swatow Baptist Church (55A), which is adjacent to Hanison's site. At 50% ownership, the two projects are not subsidiaries, so they're outside the Listing Rules on connected transactions. Webb-site founder David Webb owns over 6% of MH.



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