[Caihua News] PCCW Real Estate (00432.HK) announced that Asian Motion, a wholly-owned subsidiary of PCCW 00008.HK, entered into a sale and purchase agreement to sell shares to the buyer Oriental Sceptre Limited at a total consideration of HK $13.005 million (excluding transaction costs) in a market transaction (accounting for about 1.1 per cent of the total number of common shares issued by PCCW on December 23).
The number of shares held by PCCW (through its wholly-owned subsidiary Asian Motion Limited) will be reduced from 635354407 shares (accounting for about 31.17% of the total issued shares of the company) to 612854407 shares (accounting for about 30.07% of the total issued shares of the company). The company has received notification from PCCW that upon the completion of the transaction and the resignation of Xu Hanqing, the company will not be recorded as a subsidiary of PCCW but as an associate of PCCW in its consolidated financial statements. Immediately after the completion of the transaction, PCCW (through its wholly-owned subsidiary Asian Motion Limited) remains the largest single shareholder of the company and the transaction will not affect the operation of the Group.