Wing Tai China (WTC), a wholly-owned subsidiary of Wing Tai Holdings, has acquired the remaining 50% shares in Winnoma Investment (Winnoma) from its joint venture partners, Savills IM Asian Property II SICAV-SIF and Inica Holding S.à.r.l. (INICA), for a total consideration of US$18.3 million ($25.6 million).
The consideration was arrived at on a willing-buyer and willing-seller basis and was paid in cash upon completion of the transaction which is simultaneous with the signing of the share sale agreement.
Winnoma is a joint venture company that developed a residential project located in Shanghai, China.
Post-acquisition, Winnoma will become a wholly-owned subsidiary of WTC. The acquisition is carried out in the ordinary course of business and iis not expected to have any material impact on the group’s net asset value.
Earlier in June 2014, Wing Tai Holdings increased their share capital from $2 to $4 by issuing two ordinary shares, of which one share is issued to SEB Asian Property II SICAV-SIF (SEB) and 1 share is issued to INICA.
Shares in Wing Tai Holdings closed 1 cent higher or 0.6% up at $1.67 on Aug 31.
