Asia
Magnus Concordia Receives Offers For Two Properties in Hong Kong
Magnus Concordia Group (HKG:1172) said it was evaluating two offers for its investment properties in Hong Kong, according to a Hong Kong bourse filing Friday.Shares of the property developer jumped 10% in morning trade Monday.The two properties in question are pledged as security for the group's borrowings, and Magnus Concordia said it had received the lender's consent to dispose the investments should a definitive agreement materialize.Meanwhile, the company has repaid HK$23 million in borrowings as scheduled on April 1, and continued to owe HK$65 million. Following negotiations, the company secured an extension to the loan facility for a further 2.5 years.
HKG:1172