Hong Kong, July 15, 2009 (ABN Newswire) - Capital Estate Limited ("Capital Estate"/ "the Company") (HKG:0193) is pleased to announce today that the transaction of Fullkeen Holdings Limited ("Fullkeen") is approved by the independent shareholders at the Extraordinary General Meeting held today: Fullkeen, beneficially owned as to 70% by Mr. Sio Tak Hong, will subscribe 8 billion new shares at HK$0.025 per subscription share amounting to HK$200 million, representing 37.6% of total outstanding shares upon completion of subscription. Mr. Sio then will become the largest shareholder of Capital Estate. The shareholding of Mr. Chu Nin Yiu, Stephen, Executive Chairman of Capital Estate, will be reduced from 25.1% to 15.7%.
Mr. Sio Tak Hong is a standing committee member of The Chinese People's Political Consultative Conference of Macau District; candidate of the industrial, commercial and financial functional group of the Election Committee of Chief Executive; he also pays attention to the customs clearance problem of the Zhuhai Gongbei Port, and is being invited to be one of the Special Supervisors of the 4th Zhu Hai Frontier Inspection Station. He is the Honorary Consul of Grenada.
Mr. Sio is very concerned with affairs of China and his hometown and he plays an active role in participating in activities of various native associations. He is the Director of Macau of the 3rd China Overseas Friendship Association; Vice Chairman of the Associação de Macau dos Conterrâneos Ultramarinos de Guangdong, Founding Chairman of the Macau Jiangmen Association, Permanent Honorary President of the Associação dos Conterrâneos de Tao Mun de Macau, Founding President of the Jiangmen Youth Federation of Overseas Chinese, Advisory Committee Officer of the Jiangmen Youth Association and Vice President of the Hu Nan Friendship General Association of Macao. Mr. Sio is also a philanthropist. He endeavours to public welfare, and he donates over HK$10 million per annum. Besides, he was the Honorary Advisor of the Macau Daily News Reader Community Foundation in 2008. Mr. Sio is awarded the "Philanthropist of Jiangmen" and Honorary Citizen by the Jiangmen Government, and awarded the "Charity Contribution Award" from the Jiangmen Charity Function Headquarter for his generosity. Mr. Sio is also named the "Outstanding Contributor to Chinese Philanthropy" by the China Charity Federation in Beijing.
Executive Chairman of Capital Estate Limited Mr. Chu Nin Yiu, Stephen said, "Mr. Sio Tak Hong is very influential and greatly respected in China and Macau. The subscription of new shares has a positive effect on the Company. It can strengthen the Company's capital base and improve its gearing ratio on the one hand, and the subscription can remove the uncertainty over the Company's financial position to pay the majority of the outstanding remaining balance under the Hotel Fortuna acquisition and to save the interest expense for the majority of the remaining outstanding balance on the other. In addition, the Board believes that the strengthening of the Group's financial position would afford the Group more flexibility in seeking new investment opportunities. It also shows that Mr. Sio is very confident in the future development of the Group."
Mr. Sio Tak Hong, the new largest shareholder of Capital Estate stated, "Subscribing the new shares and becoming the largest shareholder of Capital Estate, is my vote of confidence in the business of Capital Estate. I am optimistic that Capital Estate shall be able to grasp every opportunity that comes along in the future to increase shareholders' value."
Capital Estate Limited (HKG:0193) is a Hong Kong listed property and investment holding company. It is principally engaged in property rental, financial investment, property development and sales and hotel operation.