S E A Holdings Limited entered into an provisional agreement to acquire 59% of the Shops and Portion of the roof of Winway Building at Wellington Street from Sunny Enterprises Limited for HKD 780 million.

S E A Holdings Limited (SEHK:251) entered into an provisional agreement to acquire 59% of the Shops and Portion of the roof of Winway Building at Wellington Street from Sunny Enterprises Limited for HKD 780 million on September 16, 2019. S E A Holdings Limited and Sunny Enterprises Limited will enter into a formal agreement on or before September 30, 2019. The consideration of HKD 780 million will be paid in a manner where HKD 39 million will be initially deposited to the solicitors of the Sunny Enterprises Limited upon the signing of the provisional agreement which will not be released to the Sunny Enterprises Limited until the completion of the acquisition, further the deposit of HKD 39 million will be paid to the solicitor of the Sunny Enterprises Limited on or before September 30, 2019 and will not be released to Sunny Enterprises Limited until completion. The balance consideration of HKD 702 million will be paid on completion of the acquisition. The total consideration of the acquisition will be funded by the internal resources of the S E A Holdings Limited. The transaction is expected to be completed no later than October 31, 2019. Peter Yuen of Savills (Thailand) Limited represented Sunny Enterprises Limited in the transaction.