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| Friday, 9 September 2016, 11:38 HKT/SGT | |
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| To Integrate Qualified Resources, Develop and Explore Markets in PRC and Abroad Aimed at Speeding Group Expansion |
HONG KONG, Sept 9, 2016 - (ACN Newswire) - A leading real estate developer of green technological properties - Modern Land (China) Co., Ltd. ("Modern Land," the "Company," together with its subsidiaries the "Group," HKSE stock code: 1107.HK) -- is pleased to announce that the Group entered into a Subscription Agreement with Great Wall Pan Asia International Investment Company Limited ("Great Wall International"), a subsidiary of China Great Wall Asset Management Corporation ("Great Wall Asset"). After the Subscription is completed, Great Wall International will become a shareholder of Modern Land, to start the strategic cooperation in both domestic and overseas markets. The cooperation will broaden comprehensive financing channels and upgrade the market competitiveness of the Group.
According to the Subscription Agreement, Great Wall International has conditionally agreed to subscribe for and the Company has conditionally agreed to allot and issue a total of 172,872,000 Subscription Shares at the Subscription Price of HK$1.01 per share, at a total consideration of HK$174,600,720 which will be payable in cash by Great Wall International. The number of Subscription Shares represents approximately 8.28% of the existing issued share capital of the Company as at the date of this announcement and approximately 7.65% of the total enlarged issued share capital of the Company immediately following completion of the Subscription. The Company intends to utilise the net proceeds from the Subscription for the purpose of the Group's property development business outside the PRC and/or for general working capital of the Group.
Great Wall International, the offshore platform of its parent company Great Wall Asset, is an investment institution with diverse international resources and channels. Great Wall Asset is a state-owned non-bank financial institution which is approved by the State Council, established and invested in by the Ministry of Finance. As one of the Top Four Finance Asset Management Companies in China, Great Wall Asset has considerable assets and multiple financing platforms both domestically and overseas, and has established a one-stop and comprehensive financial network. The real estate industry is considered as a capital intensive industry, while financial institutions can broaden and provide high quality financing channels. The strategic cooperation between Modern Land and Great Wall International is based on mutual benefit, to explore long-term and sustainable development.
The Chairman of the Board of Modern Land, Mr. Zhang Lei, said: "Modern Land has always being engaged in full life cycle green technology property development since its establishment, while also endeavoring to explore appropriate and competitive partners to promote our market influence. The partnership that we entered this time introduced a valuable investor to the Group - Great Wall Asset. The solid background, abundant resources as well as years of accumulated market achievements provide Great Wall Asset with a positive reputation known for being highly ambitious. Great Wall Asset aims to become a 'Century-old Financial Institution', which perfectly matches with the 'Century-old Brand' expectation of Modern Land. We will position this as our common goal, to make a united effort targeting growth and development."
The Executive Director and President of Modern Land, Mr. Zhang Peng, said: "From 2013 onwards, Modern Land entered into its high speed growth period with deep region cultivation and has been recognized by customers and the market especially for our green technology property concept, which contributes to a rapid promotion of brand influence in the market. The partnership we entered this time indicates that our green technology concept and the growth performance of these years are acknowledged by Great Wall Asset. With resources in financing and strong background of Great Wall Asset, Modern Land will solidify its capital foundation, speed up expansion, especially project development in overseas markets to introduce the Group to a brand new phase of development. We believe that this partnership will bring sustainable investment returns not only to Great Wall Asset and Modern Land, but also to our shareholders."
Topic: Press release summary
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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