National Electronics Divests Stake in UK Residential Project, Shares Down 6%

MT Newswires Live

2024/10/29

National Electronics (HKG:0213) subsidiary National Properties Holdings agreed to sell Sonic Run Investments to Native Land Investment for 4 million pounds sterling.

The target company has equity interests in NLGS, an investment vehicle formed to provide funding to a UK-based real estate investment trust that acquired a London property in 2021.

The property is currently being redeveloped into a new residential site, with completion expected in late 2025.

The watch manufacturer plans to use the disposal proceeds for working capital, according to a Tuesday filing with the Hong Kong Exchange.

The stock was down over 6% in recent trade.

Price (HKD): $0.60, Change: $-0.040, Percent Change: -6.25%

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