MAN SANG INT'L sells Japanese hotel to the chairman, estimated revenue of 64.9 million yuan
MAN SANG INT'L (00938.HK) announced the sale of 100% equity of Decent Start along with loans to its controlling shareholder and chairman Hu Xingrong. The latter owns a hotel located in Yoichi, Hokkaido, Japan, with a total consideration of HKD 104 million, which will be settled by offsetting the outstanding principal amount of the equivalent promissory notes. Upon completion, the outstanding principal amount of the promissory notes will be reduced to HKD 446 million. The estimated proceeds from the sale are HKD 64.9 million
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