[photopress:hotel_Ritz_Carlton.jpg,full,alignright]CCB International Group Holdings will take control of a 40% stake in a company that owns the Ritz Carlton Hotel in Hong Kong. Now it gets a bit complicated and explains why trying to make finance news interesting is, sometimes, a tad difficult.
Lai Sun Development has entered into an agreement to sell to CCB International Group a 16.57% interest in Diamond String, which owns the Ritz Carlton here, for US$73 million.
Lai Sun Development indirectly owned 76.57% of Diamond String.
Under the terms of the disposal, Lai Sun has agreed to form a strategic alliance with CCB International for joint redevelopment of the property for long-term investment purposes.The transaction also involves CCB International taking up a shareholder’s loan.
CCB International is also buying additional stakes in Diamond String.
Lai Sun said that three other minority shareholders of Diamond String have agreed to sell a combined 23.43% to CCB International.
These share sales will take the total interest that CCB International will hold in Diamond String to 40%.
Under the terms of the disposal, Lai Sun has agreed to form a strategic alliance with CCB International for joint redevelopment of the property for long-term investment purposes.