Hap Seng to dispose of entire stake in HS Credit (Manchester) for RM837.34mil

KUALA LUMPUR: Hap Seng Consolidated Bhd has entered into an agreement with Lei Shing Hong Capital Limited (LSHCL) to dispose of its entire stake of 50 million shares in HS Credit (Manchester) Ltd (HCML) for £152.96 million (RM837.34 million).

In a filing with Bursa Malaysia, Hap Seng said its indirect wholly-owned subsidiary, HSC Manchester Holding Pte Ltd (HSC Manchester), entered into a shares sales agreement with LSHCL on March 22, 2023.

The group said it plans to utilise 77.63 per cent of the proceeds from the disposal to repay borrowings, 22.26 per cent would be for working capital requirements and the remaining for other expenses.

"The terms of the proposed disposal are in the best interests of the company and the Hap Seng Group. It is fair, reasonable, and on normal commercial terms and not detrimental to the interest of the non-interested shareholders of Hap Seng Consolidated Bhd,” it said.

HCML is a wholly-owned subsidiary of HSC Manchester, incorporated in England and Wales, and is involved in the provision of term loans to corporations in the United Kingdom.

Meanwhile, LSHCL is a limited liability company incorporated in Hong Kong and is principally involved in investment holding. - Bernama

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