Actionable news
0
All posts from Actionable news
Actionable news in NTP: NAM TAI PROPERTY Inc,

Nam Tai Property Inc. Announces Share Purchase by Kaisa Group

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 did not require Company's approval or involvement. The Company continues to explore potential collaborative opportunities to develop its properties with the support of Kaisa Group.

Kaisa Group has been engaging in urban redevelopment projects in Shenzhen since early 2000 and was listed on the HKSE in December 2009. Being the pioneer of urban renewal, Kaisa Group is a well-known household name in Pearl River Delta region in China. It has extensive expertise in redeveloping old urban areas, villages, factories and distress assets with a proven track record of over 3 million square meters of gross floor area being successfully...


More