Lai Sun Garment (International) (DE:LAI3) has released an update.
Lai Sun Garment (International) Limited (LSG) and Lai Sun Development Company Limited (LSD) have jointly announced the sale of their interests in a property joint venture after market hours on July 2, 2024. The properties, including a development known as ‘Alto Residences’ and a public vehicle park, were sold for HK$540 million with a rental income guarantee for two years. Shareholders are advised to be cautious, as both LSG and LSD expect to recognize an estimated loss of HK$307 million from the deal.
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