Speymill Macau Property Sells AIA Tower For HK$1.26 Billion

Speymill Macau Property Company PLC (MCAU.LN), an internally managed fund, Friday said its unit Speymill Propriedade I (Macau), Lda. entered into a Sale and Purchase Agreement on Nov. 30 in connection with the sale of the AIA Tower with American International Assurance Company (Bermuda) Limited and its unit, Golden Liberty Investment Limited for HK$1.26 billion.

MAIN FACTS:

-Agreement provides, among other things, the following:

-Aggregate consideration for the AIA Tower is HK$1.26 billion.

-Total deposit for the sale of the Property is HK$252 million, which sum includes the Initial Deposit of HK$30 million received on the signing of the Provisional agreement and which has been released to Speymill I.

-Further deposit in the sum of HK$222 million will be held in escrow until either the closing of the sale of the Property or the current mortgage holder consents to allow the registration of the agreement with the Property Registry as a property right.

-Remainder of the purchase price, being HK$1.01 billion shall be paid at the closing for the sale of the Property which is to take place on Jan. 31.

-Shares of Speymill Macau Property at 1130 GMT flat at $0.79.

-By Tapan Panchal, Dow Jones Newswires. Tel [phone], [e-mail]