Tsit Wing Coffee Company sells Hong Kong property for HK$16.9m

Mainboard listed Tsit Wing International says its subsidiary, Tsit Wing Coffee Company, has sold a property to an independent third party for HK$16.9 million (S$3 million) in cash.

The property is situated at Kwai Tak Industrial Centre in the New Territories in Hong Kong.

Tsit Wing International says the transaction will result in an estimated profit of HK$9.8 million.

It also says the consideration for the property constitutes about 6.3 per cent of its market capitalisation.

The property was previously used by Tsit Wing Coffee as a warehouse.

It adds that Tsit Wing Coffee Company intends to increase its loading capacity by renting a larger warehouse in another location.

Source : Channel NewsAsia – 6 Jul 2010

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