LONDON (Alliance News) - Pacific Alliance China Land Ltd Wednesday said it has completed the listing and auction process with the Shanghai United Asset and Equity Exchange to sell its minority stake in a parcel of land in Shanghai near to a future Disneyland location for CNY105 million.
It expects the sale to close by the end of September. The sale proceeds represent a 2.3 times net cash multiple on its initial investment.
The company plans to return the proceeds to shareholders via a mandatory share repurchase, or via another method, after realising its remaining non-core strategic asset, a minority stake in Wal-mart China's retail business. This is expected to happen during the first half of 2016.
Shares in Pacific Alliance China are untraded Wednesday. It last closed at 1.95 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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