22 May 2014, Hong Kong and Macau - Shun Tak Holdings Limited ("Shun Tak", Stock Code: 242) announced today that the Group and the joint venture partner at Tin Wai Development Company, Limited ("Tin Wai") have contracted to transfer the shareholdings in Tin Wai and the related funeral service developed by Shun Tak to a 3rd Party Purchaser ("Purchaser") to undertake the operation and future development of the Taipa Hill Memorial Garden ("the Garden") in Taipa, Macau and the related funeral service, for a total consideration of HK$793 million.
With the objective of meeting the market demand for high quality columbarium that offers legitimate ownership and professional funeral services across Hong Kong, Macau and Pearl River Delta region, Tin Wai turned a land parcel that Shun Tak has acquired in Macau in 2007 into a contemporary columbarium development, the Taipa Hill Memorial Garden. The project was launched in 2011, offering approximately 40,000 niches, and was the first of its kind in the region that features themed halls for different faith and religions and concierge memorial arrangements. Subsequently, Shun Tak launched a full line of comprehensive and personalized funeral services in
2013 to complement the development of the project. The Garden has successfully set new benchmarks for the software and hardware offerings for the funeral service industry in the region and was well received by the public since it was unveiled.
Having considered the offer and the Purchaser's sharing of a similar vision to the one upheld by the Group in fostering economic diversification in Macau and the region, and its undertaking to retain the whole frontline service team and to adopt the established operation and service systems of the Garden to ensure the continuity of the project in serving the community and meeting the market demand, the Group considered the shareholding transfer beneficial to the sustainable development and operation of the project; and it is an appropriate opportunity to materialize the value of the Garden and the funeral service created by its professional
management.
- End -
Catherine Szeto Karen Lee
Tel: +852 2859 3173 Tel: +852 2859 4823
Email: catherineszeto@shuntakgroup.comEmail: karenlee@shuntakgroup.com
distributed by
 |