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FINWIRES

Alpha Professional Indirect Unit Leases Property for HK$35 Million; Shares up 4%

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Alpha Professional Holdings' (HKG:0948) indirect unit, San Tai Distribution, has agreed to lease certain floor and parking spaces at the Allied Cargo Centre building in New Territories, Hong Kong, for its for HK$35 million, according to a Wednesday filing with the bourse.

The company said the agreement is valid for two years and would save its warehouse logistics business from incurring relocation costs.

Alpha Professional said it would convene a special meeting to vote on the lease transaction, and AGL's unit, a stakeholder in the company and the property's landlord, will abstain from voting.

Shares were up nearly 4% in late-morning trading on Thursday.

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