KERRY PPT (00683) subsidiary intends to sell the entire issued share capital of Mid-Levels Portfolio (Gladdon) Holdings Limited

KERRY PPT (00683) announces that on 24 September 2026, the seller, Mid-Levels Portfolio Holdings Limited (an indirect wholly-owned subsidiary of the Company), entered into the agreement with the buyer, Kerry Holdings, pursuant to which the seller agreed to sell, and the buyer agreed to acquire, the sale shares (being the entire issued share capital of the target company, Mid-Levels Portfolio (Gladdon) Holdings Limited) and the sale loan at a consideration. Upon completion, the Group will cease to hold any interest in the target group, and the financial results, assets and liabilities of the target group will no longer be consolidated into the consolidated financial statements of the Group. The principal asset of the target company is its entire interest in the property company. The principal asset of the property company is the property. The property comprises a duplex special unit located at 3 May Road, Mid-Levels, Hong Kong, with a saleable area of approximately 1,405 square feet, together with a terrace of approximately 820 square feet above the ground floor entrance lobby and 14 individual garages. The Group regularly reviews its property portfolio to optimise capital allocation and enhance shareholder value. The property is a non-core investment property in the Group's property portfolio. Having reviewed the Group's non-core assets, the Directors consider that the transaction provides an opportunity for the Group to realise the value of the property at an attractive selling price and to release capital for redeployment into the Group's core property development and investment businesses. Upon completion, the Group is expected to record a gain of approximately HK$5 million. The expected gain is calculated by reference to the consideration, after deducting the Group's share of the book value of the target group, and taking into account the estimated transaction costs and professional fees in connection with the transaction. The actual amount of the gain is subject to review by the auditors and will depend on the final determination of the net asset value adjustment, transaction costs and expenses, and may therefore differ from the above amount. The net proceeds from the transaction are intended to be used as general working capital and for general corporate purposes of the Group.