Partial Sale of Chinese Airport Group Investment
February 25 2010 - 11:32AM
UK Regulatory
TIDMPACL
25 February 2010
Pacific Alliance China Land Limited
Partial Sale of Chinese Airport Group Investment
Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is pleased to announce
that Celadon Worldwide Limited ("Celadon"), a company in which PACL is a 13.33%
shareholder, has sold 75% of its interest in Worldwide United Limited to China
Aviation Catering Co., Ltd. for US$97 million cash. Worldwide United Limited
currently has a shareholding of 24.5% in HNA Airport Holding (Group) Company
Limited ("HNA Airport").
As a result of the sale, the Company received US$12,930,100 for half of its
4.9% indirect interest in HNA Airport. The Company will use the proceeds of the
partial sale for reinvestment and distributions to PACL II Limited.
HNA Airport is the domestic airport affiliate of Hainan Airlines (600221 CH) and
Hainan Meilan Airport Group (0357 HK) that was established in 2003 to capture
the growth opportunities in domestic air traffic in China. Its aeronautical
business includes the provision of airfield services, terminal facilities,
ground handling services, and passenger and cargo handling services. Its
non-aeronautical businesses include leasing of commercial and retail spaces,
airport-related business franchising, advertising, car parking, tourism services
and sales of duty-free and consumer goods.
According to HNA Airport's 2008 financials, the company recorded net profits of
RMB 187.6 million (US$27.5 million).
For more information, please contact:
+------------------------------------+-----------------------------------------+
|MANAGER: |LEGAL COUNSEL: |
|Chris Gradel, Managing Partner |Jon Lewis, General Counsel |
|Pacific Alliance Group |Pacific Alliance Group |
|16/F, St. John's Building |16/F, St. John's Building |
|33 Garden Road |33 Garden Road |
|Central, Hong Kong |Central, Hong Kong |
|Tel: (852) 2918 0088 |Tel: (852) 2918 0088 |
|Fax: (852) 2918 0881 |Fax: (852) 2918 0881 |
|cgradel@pacific-alliance.com |jlewis@pacific-alliance.com |
|<mailto:cgradel@pacific-alliance.com|<mailto:jlewis@pacific-alliance.com> |
|> | |
| | |
+------------------------------------+-----------------------------------------+
|BROKER: |NOMINATED ADVISER: |
|Hiroshi Funaki |Philip Secrett |
|LCF Edmond de Rothschild Securities |Grant Thornton Corporate Finance |
|Tel: (44) 20 7845 5960 |Tel: (44) 20 7383 5100 |
|Fax: (44) 20 7845 5961 |Philip.J.Secrett@gtuk.com |
|funds@lcfr.co.uk |<mailto:Philip.J.Secrett@gtuk.com> |
|<mailto:funds@lcfr.co.uk> | |
| | |
+------------------------------------+-----------------------------------------+
|MEDIA RELATIONS: |MEDIA RELATIONS: |
|Sophie Hoggarth |Andrew Walton/David Cranmer |
|Pacific Alliance Group |Financial Dynamics, London |
|Tel: (86) 21 6288 3788 |Tel: (44) 20 7269 7217 |
|shoggarth@pacific-alliance.com | |
|<mailto:shoggarth@pacific-alliance.c|Alastair Hetherington/Christine Wood |
|om> |Financial Dynamics, Asia |
| |Tel: (852) 3716 9800 |
+------------------------------------+-----------------------------------------+
Notes to editors:
Pacific Alliance China Land Limited ("PACL") (AIM: PACL) is a closed-end
investment company with net assets of US$198.7 million as at 31 January 2010.
PACL was admitted to trading on the AIM Market of the London Stock Exchange in
November 2007. PACL is focused on investing in a portfolio of existing
properties, new developments, distressed projects and real estate companies in
Greater China.
For more information about PACL, please visit: www.pacl-fund.com
<http://www.pacl-fund.com/>
Pacific Alliance China Land Limited is a member of Pacific Alliance Group, the
Asian alternative investment fund management group. For more information about
Pacific Alliance, please visit: www.pacific-alliance.com
<http://www.pacific-alliance.com/>
[HUG#1388763]
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