New World Development (HK:0017) has released an update.
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New World Development has agreed to sell its entire stake in New World Sports Development Limited to CTFE for HK$416.7 million, marking a significant connected transaction. As CTFE already holds a substantial share in New World Development, this deal aligns with the company’s strategic financial maneuvers while adhering to Hong Kong’s regulatory framework. The transaction, part of a broader restructuring involving novation and termination deeds, is set to reshape the ownership landscape of the Kai Tak Sports Park project.
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