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Nam Tai Property Inc. Announces Share Purchase by Kaisa Group

SHENZHEN, China, July 12, 2017 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced that its Chairman, M.K. Koo ("Mr. Koo"), has, in his capacity as a stockholder, entered into a share purchase agreement to sell 6,504,355 shares of the Company held by him and his wife at a price of US$17.00 per share, reflecting a premium in excess of 100% of the Company's 30-day trading average, to a real estate developer listed on the The Stock Exchange of Hong Kong Limited (the "HKSE"), Kaisa Group Holdings Ltd. (1638:Hong Kong) (the "Kaisa Group"). The sale is scheduled to complete no later than August 11, 2017, after the release of the Company's second quarter financial results, and subject to Kaisa Group's satisfaction with its due diligence review and other customary closing conditions. For further details, please refer to the Schedule 13D filed by Mr. Koo today.

As discussed earlier in various corporate announcements and after a three year search, the Company is pleased to introduce Kaisa Group as an investor and the best candidate identified to become a strategic partner. The Company also believes that the price paid by Kaisa Group, after its evaluation of the Company's potential in the industry, better reflects the intrinsic value of the Company's shares as the Company moves to develop its two major properties in Shenzhen, Nam Tai Inno Park and Nam Tai Inno City.

Mr. Koo has informed the Company that this transaction is part of his transition towards retirement. However, Mr. Koo intends to remain an integral part of the Company in the foreseeable future of not less than one year, so long as his health permits.

Pursuant to the share purchase agreement filed on the Schedule 13D by Mr. Koo today, Mr. Koo and Kaisa Group intend, after closing, to discuss the possible appointment of one or more designees of Kaisa Group as members to the Company's board of directors (the "Board") in accordance with the Company's strategic plan to identify a strategic partner that can assist the Company in its various development projects. Any such appointment will be subject to the approval of the Board or at the annual general meeting of the Company, as appropriate. Management believes that Kaisa Group's experience in local real estate development could benefit the Company in its plans to develop Nam Tai Inno Park and Nam Tai Inno City.

The Company is not a party to the transaction and was not involved in negotiating any terms, as the transaction...


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