27th Nov 2015 09:39
LONDON (Alliance News) - Pacific Alliance China Land Ltd Friday said it has completed the listing and auction process for the remaining asset of Project Malls, and inked a deal with Wal-Mart China Holdings.
The closed-end investment company expects to receive gross cash proceeds of around CNY248 million, with 50% of the consideration to be released to its joint venture partner China Resources within 10 business days of approval from the People's Republic of China's Ministry of Commerce, and the remaining 50% to be released 5 working days after the deal is registered with the State Administration for Industry and Commerce.
It will pay out the sale proceeds through a dividend distribution and return of share capital, which should take between 6 and 12 months to finalise.
Pacific Alliance China said the sale will result in an internal rate of return of 16%, and a net cash multiple of 5.8 times on its initial investment.
Shares in Pacific Alliance China were untraded Friday morning. It last traded at 1.98 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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