IHD HOLDINGS LIMITED
NOTIFIABLE TRANSACTION
The Directors of IHD Holdings Limited ("IHD") announce that its wholly owned sub- sidiaries, Accordance Ltd (“Accordance") and Land City Company Ltd (“Land City”) entered into a conditional agreement on 16th June 1988 with an unrelated third party for the sale of properties in Intercontinental Plaza, 94 Granville Road, Hong Kong erected on Kowloon Inland Lot No. 10603, owned by its subsidiaries as follows:-
(1) Accordance Limited:
(2)
Basement, Lower Ground Floor, Upper Ground Floor, Ground Floor, First Floor, Second Floor, Ninth Floor, Tenth Floor and Eleventh Floor of Intercontinental Plaza with a total gross floor area of 113,480 sq. ft.
Land City Company Limited :
The Twelfth Floor of Intercontinental Plaza with a gross floor area of 11,102 sq. ft.
The total consideration is HK$415 million subject to existing tenancies.
Accordance and Land City have received from the purchaser the sum of HK$20 million being an initial deposit on 16th June 1988 and a further sum of HK$63 million deposit will be payable upon signing of the Sale and Purchase Agreement on or before 23rd June 1988. The balance of the price HK$332 million will be paid upon completion of the Sale and Purchasee which take place within one month after the signing of the Sale and Purchase Agreement.
The above agreement was entered into as a result of tenders invited from interested parties.
By order of the Board
St. James Secretaries & Registrars Limited Secretaries
16 June 1988
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