New World Development 0017

[winston]

not vested

New World close to deal giving Blackstone control stake, Bloomberg reports

Close to an agreement that would make Blackstone its largest shareholder.

The deal would see the Hong Kong tycoon Henry Cheng Kar-shun's family relinquish control of the company.

Under the proposed plan, Blackstone would gain the ability to restructure the debt-laden developer, while New World could continue selling assets to strengthen liquidity, the sources said.

The Cheng family currently holds about 45 percent of the company.

Source: The Standard

https://www.thestandard.com.hk/market/a ... rg-reports

[behappyalways]

New World Development posts 1H loss as woes persist
https://www.theedgesingapore.com/news/c ... es-persist

[winston]

not vested

NEW WORLD DEV (00017.HK) opened flat this morning after reporting that full-year loss for the year ended June widened to HKD28.15 billion, while core operating profit rose 28% YoY to HKD7.7 billion.

Recurring underlying operating profit reached HKD2.228 billion, marking the first turnaround from loss to profit in the past three fiscal years.

The company also entered into a termination deed with the Airport Authority, under which both parties agreed to early terminate the 11 SKIES contract.

The company will pay an early termination fee of HKD2.3 billion and provide certain works and services for the development project within an agreed scope, while the Airport Authority will not bear any costs, provided that the total cost of such works and services will not exceed HKD1.0495 billion.

Based on management's assessment, the group recognized a net loss of HKD18.3215 billion.

Source: AAstocks.com