CENTURY C INT'L(00355), PALIBURG HOLD(00617), and REGAL INT'L(00078): Completed the sale of subsidiary companies owning the Regal Oriental Hotel.
Century City International (00355), Bailey Holdings (00617), and REGAL INT'L (00078) jointly announced that, subject to the satisfaction of all conditions under the preliminary sales agreement (including but not limited to obtaining approval from Century City and Forbes shareholders for the preliminary sales agreement and the proposed transactions thereunder, as well as completing internal restructuring), the transaction was completed on April 30, 2026 (Completion Date).
CENTURY C INT'L (00355), PALIBURG HOLD (00617), and REGAL INT'L (00078) jointly announced that, subject to the satisfaction of all conditions under the preliminary agreement (including but not limited to obtaining approvals from Century City and Paliburg shareholders for the preliminary agreement and the proposed transactions to be conducted thereunder, and completing internal reorganizations), the transaction was completed on April 30, 2026 (the completion date).
After completion, the target company and its subsidiaries are no longer subsidiaries of Century City, Paliburg, and their affiliates, and the financial performance of the target group will no longer be consolidated into the comprehensive financial statements of Century City, Paliburg, and their affiliates.
At completion, the new buyer has directly paid a total of HK$1.3662 billion to the existing loan agent, including the completion payment (i.e. HK$618.57 million) and the outstanding amount of the Rich Day loan on the completion date (i.e. HK$747.63 million) (Rich Day amount).
The completion payment of HK$618.57 million refers to the total price for the sale of shares of HK$628 million (before adjustment) and the sale of the loan for HK$142 million (the latter being the total outstanding amount of the sale loan at completion) after deducting the total price balance after deducting the deposit of HK$151.8 million.
The Rich Day amount of HK$747.63 million refers to the total amount owed by the target subsidiaries to Rich Day on the completion date. According to the preliminary agreement, the Rich Day amount paid by the new buyer to the existing loan agent is considered as the target subsidiaries fully repaying the Rich Day loan to Rich Day.
As of the date of this transaction, the net amount received (including the deposit received prior to this joint announcement) after deducting expenses of approximately HK$22 million and the Rich Day amount is HK$1.496 billion, of which HK$ 1.0472 billion has been used to partially repay existing financing. The REGAL REIT group will use the remaining balance to fund asset enhancement initiatives and for general operational funds of the REGAL REIT group.
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