Magnus Concordia Receives Offers For Two Properties in Hong Kong
MT Newswires Live
Apr 13
Magnus Concordia Group (HKG:1172) said it was evaluating two offers for its investment properties in Hong Kong, according to a Hong Kong bourse filing Friday.
Shares of the property developer jumped 10% in morning trade Monday.
The two properties in question are pledged as security for the group's borrowings, and Magnus Concordia said it had received the lender's consent to dispose the investments should a definitive agreement materialize.
Meanwhile, the company has repaid HK$23 million in borrowings as scheduled on April 1, and continued to owe HK$65 million. Following negotiations, the company secured an extension to the loan facility for a further 2.5 years.
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