CCT Fortis Holdings Announces Major Transaction: Disposal of Shatin Property
Executive Summary
CCT Fortis Holdings Limited (Stock Code: 00138) has announced the disposal of its investment property—comprising the entire 18th floor of CCT Telecom Building, No. 11 Wo Shing Street, Shatin, New Territories, Hong Kong. This transaction, classified as a major transaction under the Hong Kong Listing Rules, has significant implications for the company’s financial position, liquidity, and future strategy.
Key Transaction Details
- Disposal Asset: Unit Nos. 01, 02, 03, 05, 06, 07, 08, 09 & 10, 18/F, CCT Telecom Building, Shatin (entire floor, approx. 14,427 sq. ft.)
- Purchaser: Trimworld Limited (independent third party, owned by POON Tit Wing 50%, POON WONG Yuk Lin 40.9%, POON Ka Hing 9.1%)
- Vendor: Goldbay Investments Limited (indirect wholly-owned subsidiary of CCT Fortis)
- Consideration: HK\$42,450,000, to be paid in cash
- Valuation: Professional valuation by Prudential Surveyors (Hong Kong) Limited values the property at HK\$42,000,000 as at 20 May 2026
- Expected Loss: The disposal is expected to result in an estimated loss of HK\$26,430,000 for the year ending 31 December 2026, as the audited carrying value as at 31 December 2025 was HK\$68,300,000
- Completion Date: On or before 31 July 2026
- Use of Proceeds: The net cash proceeds (approx. HK\$41,870,000) will be used to repay outstanding revolving loans secured by a mortgage over the property, improving liquidity and reducing interest expenses
Background and Rationale
The property, acquired in 1998, was held as an investment since 2014 and temporarily used as the company’s office from October 2018 to September 2023. After relocating its office, the property became vacant. The company actively marketed the property at its carrying value but, amid a sluggish market, received no substantive offers until the current deal. The directors believe the disposal is the best achievable under current market conditions.
Key reasons for the disposal:
- Vacancy and Risk Mitigation: The property is no longer required for company use and is currently vacant. The sale reduces the risk of further asset depreciation in a weak property market.
- Financial Pressure Alleviation: Sale proceeds will be used to pay down debt, particularly revolving loans secured by the property, immediately reducing interest expenses and easing financial pressure.
Financial Impact & Shareholder Implications
- Significant Write-off: Shareholders should note the expected one-off accounting loss of approximately HK\$26.4 million, which may impact the company’s earnings for 2026 and could be seen as price-sensitive.
- Improved Liquidity: Despite the loss, the transaction strengthens the company’s cash position and working capital, which is critical given the Group’s net current liabilities (approx. HK\$300 million as of 31 May 2026) and ongoing loan covenant pressures.
- Major Transaction Classification: The disposal exceeds 25% of the applicable percentage ratios under Listing Rules, qualifying as a major transaction. However, a general meeting is not required as written approval was obtained from a closely allied group of shareholders controlling approximately 74.98% of issued shares.
- Waiver for Circular Publication: The Stock Exchange granted a waiver extending the deadline for this circular due to the complexity of the transaction and need for additional information.
Company & Debt Profile
- Group Borrowings: As of 31 May 2026, the Group had approximately HK\$1,621 million in bank and other borrowings, and HK\$88 million in convertible bonds. Around HK\$497 million in debt matures within 12 months.
- Loan Covenant Breaches: The Group breached financial covenants on HK\$1,030 million of bank borrowings but secured waivers until 31 December 2026. Some revolving loans (approx. HK\$214 million) require periodic renewal at lender discretion, highlighting ongoing liquidity risks.
- Working Capital: Management, supported by auditors, believe the Group will have sufficient working capital for at least the next 12 months, post-disposal, barring unforeseen circumstances.
Valuation and Market Comparisons
- Valuation Approach: Direct Comparison Method using recent sales in the Fo Tan area. The property is valued slightly below the sale price, indicating the company achieved a favorable deal in the current market.
- Encumbrances: The property is mortgaged to Allied Banking Corporation (HK) Limited, and the sale proceeds will clear this encumbrance.
Future Prospects
- The Group remains focused on its core businesses: property, securities, luxury automotive (Ferrari and Maserati), valuable collections, and cultural entertainment.
- For property, the Group will continue to monitor the market and dispose of assets at attractive prices to improve cash flow.
- The Group faces ongoing liquidity challenges but aims to maximize profitability and strengthen its financial position through asset sales and operational improvements.
Shareholding Structure and Governance
- Major shareholders (Mr. Mak and associated companies) collectively own ~74.98% of the company.
- No director has a material interest in the transaction, and the purchaser is an independent third party.
- There are no competing interests or significant ongoing litigation affecting the transaction, and all required regulatory consents have been obtained.
Conclusion & Price Sensitive Elements
This transaction is price-sensitive for several reasons:
- Substantial Loss Recognition: The write-down of the property is significant and will affect 2026 earnings.
- Liquidity Improvement: Eliminating mortgage debt and reducing interest expenses may improve the Group’s financial health, which could support a rerating if confidence in the turnaround grows.
- Market Signal: The willingness to accept a sale price well below historical book value signals management’s pragmatic approach to asset management but may also reflect ongoing challenges in the Hong Kong industrial property market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult their own professional advisers before making investment decisions. The information is based on publicly available documents and is subject to change without notice. The reporter and publisher accept no liability for actions taken based on this article.
CCT Fortis Holdings宣佈重大交易：沙田物業出售詳情
重點摘要
CCT Fortis Holdings Limited（股份代號：00138）公佈將出售其位於新界沙田禾盛街11號CCT電訊大廈18樓全層（共九個單位，約14,427呎）的投資物業。此項交易按香港上市規則屬重大交易，對公司財務狀況、流動性及未來策略有重要影響。
主要交易詳情
- 出售資產： 沙田CCT電訊大廈18樓全層（九個單位，約14,427平方呎）
- 買方： Trimworld Limited（獨立第三方，由潘鐵榮持有50%，潘黃玉蓮40.9%，潘家慶9.1%）
- 賣方： Goldbay Investments Limited（CCT Fortis間接全資附屬公司）
- 作價： 港幣42,450,000元，全數現金支付
- 估值： 由Prudential Surveyors（Hong Kong）Limited估值為港幣42,000,000元（截至2026年5月20日）
- 預計虧損： 由於資產賬面值為港幣68,300,000元（2025年12月31日），預計本次處置將錄得約港幣26,430,000元的一次性虧損
- 完成日期： 不遲於2026年7月31日
- 款項用途： 淨收益（約港幣41,870,000元）將全數用於償還以該物業作抵押的循環貸款，改善現金流與減低利息開支
背景及原因
該物業於1998年購入，自2014年起作為投資用途，2018至2023年間曾短暫作為公司辦公室。辦公室於2023年9月遷出後，該物業一直空置。公司曾以賬面價積極推售，惟市況疲弱，無實質買家，今次交易屬現時市況下最佳可達成價格。
主要處置原因：
- 空置及風險控制： 物業現已無自用需要，屬閒置資產。出售可減低資產進一步貶值風險。
- 財務壓力紓緩： 變現資金將用於償還抵押循環貸款，立即減少利息開支及財務壓力。
財務影響及對股東啟示
- 重大減值： 股東需注意本次將錄得約港幣2,643萬元一次性會計虧損，或會影響2026年度盈利，屬可能影響股價之消息。
- 流動性改善： 儘管有虧損，套現後公司現金狀況及營運資金可望大幅改善，尤其面對約港幣3億元的流動負債與貸款契諾壓力。
- 重大交易： 本次出售合適用上市規則下的重大交易，惟由於大股東聯合控制約74.98%股權，已書面批准，毋須召開股東特別大會。
- 通函延期： 因交易複雜，聯交所批准通函延遲至2026年7月23日刊發。
公司負債及財務狀況
- 集團借貸： 截至2026年5月31日，銀行及其他借貸約港幣16.21億元，可換股債券約港幣8,800萬元，當中約4.97億元需於12個月內償還。
- 貸款契諾： 約10.3億元銀行貸款曾違反財務契諾，已獲銀行豁免至2026年底。2.14億元循環貸款需定期續期，顯示流動性壓力仍存。
- 營運資金： 管理層及核數師認為，處置後集團有足夠營運資金應付未來12個月日常運作（無突發情況下）。
估值及市場比較
- 估值方法： 採用直接比較法，參照沙田火炭區近期成交。物業估值略低於成交價，反映公司在疲弱市況下亦能爭取合理價錢。
- 產權狀況： 物業現按揭於Allied Banking Corporation (HK) Limited，出售後將清還抵押。
未來展望
- 集團將繼續專注於物業、證券、豪華汽車（法拉利及瑪莎拉蒂）、珍藏品及文化娛樂等業務。
- 物業方面，會繼續密切留意市況，適時出售資產以改善現金流。
- 雖然流動性壓力依然，但集團冀望透過資產處置及營運改善，提升盈利及財務狀況。
股權結構及企業管治
- 大股東（麥紹棠先生及其相關公司）合共持有約74.98%股權。
- 董事會無人於本交易中有重大利益，買方亦為獨立第三方。
- 無競爭業務、重大訴訟或未決索償影響是次交易，所有法定批文已獲得。
結論及可能影響股價因素
本次交易屬價格敏感事項，原因包括：
- 重大減值損失： 物業減值將直接影響2026年盈利。
- 流動性顯著改善： 還清貸款及減少利息開支，集團財務狀況有望改善，若市場對集團轉型有信心，或可帶動股價重估。
- 市場訊號： 以賬面值大幅折讓出售反映管理層務實處理資產，但亦顯示香港工廈市道持續疲弱。
【免責聲明】 本文僅供參考，並不構成任何投資建議。投資者應自行諮詢專業顧問作出判斷。所有資料來自公開文件，如有變動恕不另行通知。記者及出版方對因本報導引致之任何行動概不負責。
