CASTORES MAGI (HONG KONG) LIMITED 嘉漫(香港)有限公司
Tongda circular on acquisition of property from connected person
Company circular, 4-Sep-2009
We note that Castores Magi valued the property at 31-Jul-2009 at HK$68.216m. But when Tongda completed the deal on 15-Oct-2009, it recognised fair value of investment property of only HK$45.880m, a drop of 32.7%. The vendor was the Chairman of Tongda. The property was already leased to an "Independent Third Party" which later turned out to be majority-owned by another executive director, the Chairman's brother. With 2 other brothers, they jointly control Tongda.
Company circular, 4-Sep-2009
We note that Castores Magi valued the property at 31-Jul-2009 at HK$68.216m. But when Tongda completed the deal on 15-Oct-2009, it recognised fair value of investment property of only HK$45.880m, a drop of 32.7%. The vendor was the Chairman of Tongda. The property was already leased to an "Independent Third Party" which later turned out to be majority-owned by another executive director, the Chairman's brother. With 2 other brothers, they jointly control Tongda.
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