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ADAM update on sale of stake in TTS project

13 January 2017 09:14

Adamas Finance Asia has issued an update on the sale of its interest in the Tian Tong Shan Villa project.

ADAM announced the proposed disposal on 4 January through both the exercise of the put option, and a proposed sale and purchase agreement to be entered into with R&F Properties Co. Limited, a Guanzhou-based real estate developer listed on the Hong Kong Stock Exchange.

ADAM says the SPA has now been entered into by LWL, R&F and Splendid Sun, the vehicle of Wang Chun Fang, which owns the remainder of the TTS project not owned by LWL, on the terms set out in the announcement of 4 January.

Completion of the SPA remains subject to the satisfactory finalisation of R&F's due diligence. LWL expects to receive the first payment of RMB50 million due from the exercise of the put option by 6 February.

At 9:14am: (LON:ADAM) Adamas Finance Asia Limited Ord Npv share price was 0p at 0.61p

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