HONG KONG, Apr 1, 2021 - (ACN Newswire) - IBI Group Holdings Limited ("IBI" or the "Group"; Stock Code: 1547), an investment holding company which specialises in the built environment including subsidiaries providing contracting services, distribution of high-tech and innovative building products and, air quality monitoring and management, announced the disposal of four of its global investments ("Disposal") through its wholly-owned subsidiary, IBI Investment Holdings Limited ("IBI Investment" or the "Company"). Upon completion, it will realise a total gain of approximately HK$25.2 million.
IBI Investment has diversified investment profiles. As of 31 March 2021, the Company has announced four disposals in the open market, including a total of 94,900 shares of Australia and New Zealand Banking Group Limited ("ANZ"); a total of 96,600 shares of National Australia Bank Limited ("NAB"); a total of 96,600 shares of Westpac Banking Corporation ("WBC") and a total of 27,200 shares of Commonwealth Bank of Australia ("CBA"), for a combined total consideration of approximately HK$58.2 million. As a result of the Disposal, the Group expects to realise a gain of approximately HK$25.2 million, representing the difference between the aggregate consideration of the Disposal and the aggregate purchase price of the shares sold. Subsequently, the Disposal is expected to enhance the Group's cash flow position and it intends to use the net proceeds as general working capital.
Mr. Neil Howard, Chairman and CEO of IBI, said, "Adhering to IBI Investment's mission to extend the Group's reach by making strategic investments, we have been exploring different investment opportunities that would be beneficial to the Group. Leveraging our strong financial position, we have made good use of our internal resources and invested in international blue chip companies with long histories and strong fundamentals. Although the COVID-19 pandemic has invariably affected the global economy, we are pleased to generate a favourable income for the Group amid this adversity and to have added significant additional value for our shareholders."
About IBI Group Holdings Limited (stock code: 1547)
Established in Hong Kong in 1997, the Group is an investment holding company focused on investments in the built environment. With the mission to deliver premium products, services and customer experiences with a strong influence of innovation, sustainability and wellness, the Group principally centers around the role of contracting along with subsidiaries providing innovative and high tech built environment solutions including air quality monitoring and management. Its major customers include a number of reputable organisations and commercial enterprises, including a horse racing and betting operator in Hong Kong, multinational banks, international hotel groups and hotel and casino operators. For more information, please refer to IBI's website: https://ibighl.com/.
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Topic: Press release summary
Source: IBI Group Holdings Limited
Sectors: Construct, Engineering
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