Good Force to acquire Jade Talent

Jade Talent Holdings Ltd., a wholly owned subsidiary of New Media Group Holdings Ltd., is selling its entire equity interest. The purchaser is Good Force Investments Ltd., a wholly owned subsidiary of Emperor International Holdings Ltd.
According to a filing with the Hong Kong Stock Exchange, submitted by Emperor International, the acquisition agreement comprises the sum of consolidated net asset value of Jade Talent, the value of the property at HK$420 million, and the shareholder’s loan due to Good Fortune.
The property comprises a 10-storey industrial building, inclusive of a car park, on a 10,000 square foot plot located in Kowloon, Hong Kong, acquired by Winning Treasure for HK$255 million in April 2011.
Winning Treasure is also a direct wholly owned subsidiary of Jade Talent.
‘The board [of Emperor International] considers the acquisition as an opportunity for the group to expand its property investment portfolio and increase the income stream of the group,’ the filing reads.
The audited consolidated net asset value of Jade Talent is approximately HK$91.5 million, including the property first valued at HK$384 million in June 2014. The shareholder’s loan from Jade Talent was approximately HK$289 million at the end of June last year.
Jade Talent posted profits before tax of HK$35.9 million for the year ended June 30, 2014, compared to HK$39.9 million for the same period a year earlier. While after tax, profit reached HK$33.9 million for 2014, compared to HK$38 million in 2013.
The audited consolidated net asset value of Jade Talent was HK$91.5 million for the twelve months ended June 2014, whilst the fair value of the property was HK$384 million.
S.F.