Wise Park Business Limited
South Shore (0577): highly probable loss of control of Paul Y. Engineering Group Ltd
Company announcement, 21-May-2021
The 51.76% stake was held by The 13 (BVI) Ltd, 100% of which was pledged in 2016 as security for a HK$319m loan from Evo PE Opportunities, Ltd. In 2018, the lender assigned the loan to Wise Park Business Ltd (ownership and place of incorporation not disclosed). On 18-May-2021, Wise Park exercised its rights and sold 13 (BVI) Ltd to an unnamed third party for HK$150m, offset against the overdue loan and interest totalling HK$592.9m. The original loan was for 6 months at 25% p.a., which defaulted to 32% p.a..
Company announcement, 21-May-2021
The 51.76% stake was held by The 13 (BVI) Ltd, 100% of which was pledged in 2016 as security for a HK$319m loan from Evo PE Opportunities, Ltd. In 2018, the lender assigned the loan to Wise Park Business Ltd (ownership and place of incorporation not disclosed). On 18-May-2021, Wise Park exercised its rights and sold 13 (BVI) Ltd to an unnamed third party for HK$150m, offset against the overdue loan and interest totalling HK$592.9m. The original loan was for 6 months at 25% p.a., which defaulted to 32% p.a..
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