Adamas reports positive progress on TTS Project disposal

(ShareCast News) - Adamas Finance Asia updated the market on the disposal of the Tian Tong Shan Villa Project on Friday.The AIM-traded company had announced the proposed disposal of its interest in the TTS Project on 4 January, through both the exercise of a put option and a proposed sale and purchase agreement to be entered into with R&F Properties Company.R&F is a Guangzhou-based real estate developer listed on the Hong Kong Stock Exchange."The sale and purchase agreement has now been entered into by [Adamas subsidiary] LWL, R&F and Splendid Sun, the vehicle of Wang Chun Fang, which owns the remainder of the TTS Project not owned by LWL, on the terms set out in the announcement of 4 January," the board of Adamas confirmed on Friday."Completion of the agreement remains subject to the satisfactory finalisation of R&F's due diligence."Adamas said its LWL division expects to receive the first payment of CNY 50m - due from the exercise of the put option - by 6 February.