Detailed Update: Disposal of Subsidiaries Owning Regal Oriental Hotel

Background

Century City International Holdings Limited, Paliburg Holdings Limited, and Regal Hotels International Holdings Limited have jointly released a significant update regarding the disposal of subsidiaries that own the Regal Oriental Hotel. This follows their prior announcement on 22 March 2026 concerning the Preliminary Sale and Purchase Agreement (“Preliminary SP Agreement”) and the transaction with an unnamed Purchaser.

Key Points for Investors

• No Formal Agreement: After arm’s length negotiations, the parties have agreed that no formal Sale and Purchase Agreement will be entered into before the completion date. The Preliminary SP Agreement remains in force, except where amended or supplemented by a recently signed Novation Deed.
• Novation Deed Signed: On 24 April 2026, a Novation Deed was executed. This deed designates Goldenridge Worldwide Limited as the new Purchaser, replacing the original Purchaser. Goldenridge will acquire the Sale Share and take assignment of the Sale Loan. All rights, interests, benefits, obligations, liabilities, and duties under the Preliminary SP Agreement are now transferred to Goldenridge Worldwide Limited, and the original Purchaser is released from future obligations.
• Transaction Terms Remain Unchanged: Except for the novation, all principal terms of the transaction, as previously announced, remain unchanged. The agreement is still subject to the satisfaction or waiver of certain conditions precedent.
• Details on the New Purchaser:
  • Goldenridge Worldwide Limited is incorporated in the British Virgin Islands and is principally engaged in investment holding.
  • It is a joint venture between Centaline (whose single largest and ultimate beneficial owner is Mr. Wong Man Yin) and another unrelated company controlled by Ms. Liu De Ye, Ching. Both Centaline and Ms. Liu are controlling shareholders.
  • The New Purchaser and its ultimate beneficial owners are fully independent of Century City, Paliburg, and Regal, and their connected persons.

Important Shareholder Considerations

• Transaction May Not Proceed: Completion is conditional on the fulfilment or waiver of certain conditions. There remains a possibility that the transaction may not proceed, which could have implications for share values of Century City, Paliburg, and Regal.
• Price Sensitivity: The disposal of a major asset (subsidiaries owning the Regal Oriental Hotel) can significantly impact the financial position and future strategy of the involved companies. Investors should monitor further announcements as completion could affect share prices depending on the outcome.
• Regulatory Announcements: Further updates will be provided in accordance with regulatory requirements, especially upon completion of the transaction. Investors are advised to exercise caution and follow future disclosures closely.

Board Composition

The announcement also provides the latest composition of the boards of Century City, Paliburg, and Regal, listing executive and independent directors. This demonstrates continuity and stability in leadership during the transaction process.

Conclusion

The disposal of subsidiaries owning the Regal Oriental Hotel represents a major transaction with potentially price-sensitive implications for the involved companies. The change in purchaser, via the Novation Deed, and the continued uncertainty regarding completion, make this an event of significant interest for investors. Shareholders and potential investors should remain vigilant and exercise caution when dealing in the relevant securities, as the outcome may materially affect share values.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. The completion of the transaction is subject to conditions and may not proceed. The companies involved and their boards take no responsibility for any losses arising from reliance on this information.

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