Lum Chang unit completes sale of interest in subsidiaries

LUM Chang Holdings said on Monday that its unit Lum Chang Orion has completed the disposal of interest in two subsidiaries.

Lum Chang Orion had on Friday sold 11.4 million shares in Pembridge Palace Holdco (PPHL) to ITC Investment & Technology Group Companies. PPHL, through its unit Pembridge Palace Propco Limited, owns the freehold interest in a London hotel located at 52 to 57 Princes Square.

According to an announcement last month, the sale was for £13.78 million (about S$24.47 million). The transaction was expected to generate a net gain of £2.6 million.

Following the completion of the sale, PPHL and Pembridge Palace Propco Limited are no longer subsidiaries of Lum Chang Orion and Lum Chang Holdings.