Star Group Asia Limited Announces Major Transaction: Disposal of Key Hong Kong Property
Star Group Asia Limited (Stock Code: 1560) has announced a major transaction involving the disposal of a significant commercial property in Central, Hong Kong. The disposal, conducted via its indirect wholly-owned subsidiary, Manhattan Corporation Limited, marks a strategic move with potential implications for the company’s financial position and share value.
Key Highlights of the Transaction
- Transaction Overview: The sale relates to the commercial unit on the 3rd floor of World Trust Tower, No. 50 Stanley Street, Central, Hong Kong, with a total saleable area of approximately 4,100 sq.ft. The property is currently operated as a co-working space by a subsidiary of the Group.
- Consideration: The total consideration agreed with the purchaser, Mong Kok Properties Limited (an independent third party), is HK\$32,877,900.
- Payment Structure:
- Initial deposit of HK\$1,643,895 paid upon signing.
- Further deposit of HK\$1,643,895 due on or before 6 August 2026.
- Balance of HK\$29,590,110 payable upon completion, scheduled for 23 October 2026.
- Conditions Precedent:
- Requires Mortgagee bank’s approval.
- Shareholders’ approval at least 7 business days before completion, with completion postponed if approval is delayed.
- Financial Impact:
- The property was valued at HK\$53,000,000 as at 31 December 2025.
- The Group expects to record an aggregate loss of HK\$21,122,100 on disposal in 2026.
- Net proceeds after expenses are estimated at HK\$31,877,900.
- Approximately HK\$31,234,005 will be used to repay bank loan obligations.
- Financial Performance of Property:
- Revenue for 2024: HK\$1,683,552; 2025: HK\$1,346,844.
- Net loss after tax for 2024: HK\$3,074,201; 2025: HK\$6,152,103.
- Losses mainly due to decrease in fair value of HK\$3,500,000 (2024) and HK\$7,000,000 (2025).
- Shareholder Approval and Listing Rules:
- No shareholder or associate has a material interest in the agreements.
- Written approval from Mr. Chan (controlling shareholder, 68.7% ownership) and Star Properties Holdings (BVI) Limited will suffice in lieu of a general meeting.
- A circular containing transaction details will be dispatched by 30 September 2026, as extension has been sought for compiling required financial information.
- Rationale: The Board believes the disposal will improve debt, liquidity, financing costs, and overall financial position. Proceeds will reduce monthly financial obligations and enhance cash flow and financial flexibility.
Potential Price-Sensitive Information for Shareholders
- The expected loss of HK\$21,122,100 from the disposal is substantial and may negatively impact the Group’s earnings for 2026.
- Reduction in outstanding loan balances and improved liquidity could be viewed positively by investors concerned about the company’s debt levels.
- The disposal of a self-used asset may change the Group’s business structure and future rental income streams.
- Shareholder approval process is expedited; no physical meeting will be held if written consent is obtained from major shareholders.
Detailed Information on Parties Involved
- Vendor: Manhattan Corporation Limited, wholly-owned subsidiary of Star Group Asia Limited, engaged in property investment.
- Purchaser: Mong Kok Properties Limited, independent third party with ultimate beneficial ownership equally held by Mr. Lee Kar Wai Alvin and Ms Chan Kwin Wah; principal activity is real estate.
Timeline
- Preliminary Agreements signed: 24 July 2026 (after trading hours)
- Formal Agreements for Sale and Purchase: to be signed on or before 6 August 2026
- Completion Date: 23 October 2026
- Circular to shareholders: by 30 September 2026
Board Composition
- Executive Directors: Mr. Chan Man Fai Joe (Chairman and CEO), Ms. Cheung Wai Shuen, Mr. Lee Lap Yan
- Non-executive Director: Mr. Tsui Wing Tak
- Independent Non-executive Directors: Mr. Leung Ka Tin, Mr. Mong Cheuk Wai
Disclaimer: The above article is based on official company announcements and public disclosures. It does not constitute investment advice. Investors should consider their own circumstances and seek professional advice before making investment decisions. The transaction described may contain forward-looking statements and actual outcomes may differ.
星星集團亞洲有限公司重大交易：出售中環主要物業詳情
星星集團亞洲有限公司（股份代號：1560） 宣布一項重大交易，涉及出售集團於香港中環的商業物業。該交易由其間接全資附屬公司曼克頓有限公司進行，屬集團策略性部署，對財務狀況及股份價值可能產生影響。
交易重點詳情
- 交易概述： 出售物業為香港中環士丹利街50號世界信託大廈三樓商業單位，總可售面積約4,100平方呎，目前由集團附屬公司作聯合辦公空間用途。
- 作價： 與獨立第三方買家旺角置業有限公司協議的總作價為 港幣32,877,900元。
- 付款安排：
- 簽約時支付首期訂金港幣1,643,895元。
- 2026年8月6日或之前支付第二期訂金港幣1,643,895元。
- 完成時支付餘款港幣29,590,110元，預計完成日期為2026年10月23日。
- 先決條件：
- 須獲按揭銀行批准。
- 須於完成日前至少七個工作日獲股東批准，若批准延遲，完成日期亦會順延。
- 財務影響：
- 物業於2025年12月31日帳面值為港幣53,000,000元。
- 預計2026年集團將錄得 港幣21,122,100元 的總虧損。
- 扣除相關費用後淨收益約港幣31,877,900元。
- 約港幣31,234,005元將用於償還銀行貸款。
- 物業財務表現：
- 2024年收入：港幣1,683,552元；2025年收入：港幣1,346,844元。
- 2024年稅前虧損：港幣3,544,605元；2025年稅前虧損：港幣6,614,808元。
- 虧損主要來自公平值減少，分別於2024及2025年錄得港幣3,500,000元及7,000,000元。
- 股東批准及上市規則：
- 沒有股東或其聯繫人士對協議有重大利益。
- 控股股東陳文輝先生（持有68.7%股份）及星星地產控股（BVI）有限公司的書面批准可取代股東大會。
- 公司已申請延期，相關通函將於2026年9月30日前發送給股東。
- 董事會理由： 董事認為出售物業有助改善集團債務、流動資金、融資成本及整體財務狀況。收益將用於償還貸款，減少每月財務負擔，提升現金流及財務靈活性。
對股東具敏感性及可能影響股價的資訊
- 出售預計錄得港幣21,122,100元虧損，或對2026年集團盈利產生負面影響。
- 減少貸款餘額及改善流動資金能提升集團財務健康，或為投資者帶來正面觀感。
- 出售自用資產或改變集團業務結構及未來租金收入來源。
- 股東批准程序簡化，若控股股東書面同意，則無需召開股東大會。
交易雙方詳情
- 賣方： 曼克頓有限公司，星星集團亞洲有限公司全資附屬公司，主要從事物業投資。
- 買方： 旺角置業有限公司，獨立第三方，由李家偉及陳娟華均等持有；主要從事地產業務。
交易時間表
- 臨時協議簽署：2026年7月24日（收市後）
- 正式買賣協議：2026年8月6日或之前簽署
- 完成日期：2026年10月23日
- 向股東發出通函：2026年9月30日前
董事會組成
- 執行董事：陳文輝（主席及行政總裁）、張慧宣、李立仁
- 非執行董事：徐永德
- 獨立非執行董事：梁家天、蒙卓偉
免責聲明： 以上文章根據公司公告及公開資料整理，不構成投資建議。投資者應根據自身情況及尋求專業意見作出投資決策。本文所述交易涉及前瞻性陳述，實際結果或有不同。
