EQS-News / 20/06/2019 / 18:16 UTC+8
*For immediate release *
20 June 2019, Hong Kong
*Sun Hung Kai & Co.'s stake in UA Finance to increase to 62.74%*
Sun Hung Kai & Co. Limited (HKEX: 0086, the "Company", together with its
subsidiaries, the "Group") announced that its Consumer Finance subsidiary,
United Asia Finance Limited ("UA Finance"), has entered into an agreement to
repurchase a 7.27% stake from a minority shareholder. Upon the completion of
the transaction, the Group's effective stake in UA Finance will increase
from 58.18% to 62.74%.
Established in 1993, UA Finance is a market-leading consumer finance company
in Hong Kong with a significant presence in Mainland China. Through a
well-established branch network and online platforms, it offers loan
solutions to individual consumers and businesses. For the year 2018, UA
Finance recorded net profit after tax of HK$1 billion and its net asset
value was HK$8.3 billion at year end.
Group Executive Chairman, Mr Lee Seng Huang said, "We are pleased to have
this opportunity to increase our stake in UA Finance, which is a
market-leading business with excellent prospects."
"We expect the transaction will improve the Group's earnings and its return
on equity. Since the Group's transformation, which began four years ago, we
have built our asset platform and continue to seek opportunities to enhance
earnings and improve capital efficiency." Mr Lee explained.
Under the purchase agreement, UA Finance will repurchase the 7.27% stake
held by Orix Asia Capital Limited for a consideration of JPY10 billion
(equivalent to approximately HK$722 million), to be paid out of the
distributable profits of UA Finance. The transaction is expected to complete
on 27 June 2019.
- End -
*About Sun Hung Kai & Co. Limited*
Sun Hung Kai & Co. Limited (together with its subsidiaries, the "Group") is
an investment firm headquartered in Hong Kong. Since its establishment in
1969, the Group has owned and operated market-leading businesses in
financial services. Building on its rich heritage, experience and network,
the Group aims to generate long-term capital growth for its shareholders
through a diverse, yet complementary, portfolio of businesses and
investments across multiple asset classes. It is the major shareholder of
leading consumer finance firm United Asia Finance, and a substantial
shareholder of Everbright Sun Hung Kai. The Group currently holds about
HK$41 billion* in total assets. www.shkco.com [1].
*As at 31 December 2018
*For enquiries, please contact:*
Nancy Chen +852 3748 2823 nancy.chen@shkco.com
Document: http://n.eqs.com/c/fncls.ssp?u=XTEKPXBHAH [2]
Document title: Sun Hung Kai & Co.'s stake in UA Finance to increase to
62.74%
20/06/2019 Dissemination of a Marketing Press Release, transmitted by EQS
Group.
The issuer is solely responsible for the content of this announcement.
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1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=6463bb5ef090421e23cbd21318a4bc8f&application_id=828005&site_id=vwd&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=c6387eeed4126d23302eec18ef5396c3&application_id=828005&site_id=vwd&application_name=news
(END) Dow Jones Newswires
June 20, 2019 06:16 ET (10:16 GMT)
© 2019 Dow Jones News
