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MAGNIFICENT (00201.HK) Agrees to Acquire Bay Bridge Lifestyle Retreat Hotel for $1.42B

AASTOCKS ·  05/11/2022 13:30
MAGNIFICENT (00201.HK) announced that it has entered into the Sale and Purchase Agreement to acquire all of the issued shares of Ocean Time Investments Limited, for a consideration of $1.42 billion (subject to adjustments). The maximum consideration after adjustment would not exceed $1.44 billion.

Ocean Time Investments is the sole legal and beneficial owner of a Property situated at No.123 Castle Peak Road, Ting Kau, Tsuen Wan, Territories, Hong Kong with a hotel operating at the Property commonly known as "The Bay Bridge Lifestyle Retreat", the announcement added.
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