New World Development (HKG:0017) sold 100% equity interest in New World Sports Development to its substantial shareholder, Chow Tai Fook Enterprises, for HK$416.7 million.
Under the agreement, the buyer will also be assigned a sale loan of HK$679.9 million owed by the target company to the company, a Friday Hong Kong bourse filing said.
The company plans to use the net proceeds from the disposal for its general working capital.
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