HONG KONG, Oct. 3 /Xinhua-PRNewswire/ -- Addchance Holdings Limited (HKEx: 3344.HK) has successfully disposed Tai Tong Factory Building to an independent third party for an aggregate consideration of about HK$53.4 million, a price higher than the valuation of the property, which helped strengthen Addchance’s cash flow and financial position. The transaction was completed on 30 September 2008.
Dr. Sung Chung Kwun, Chairman said the disposal of the property does not only provide Addchance with satisfactory investment returns, but also strengthen its cash flow and financial position.
The aggregate consideration for the sale of Tai Tong Factory Building of about HK$53.4 million was higher than the valuation amount of about HK$43.4 million. As at the Latest Practicable Date, the net book value of Tai Tong Factory Building was approximately HK$24.1 million. Therefore, Addchance recognized a gain of HK$29.3 million through the property disposal. The proceeds will be used as the general working capital.
