International Building, a 12-storey building, comprises offices, shops and restaurants. Yat Yuen Hong Company, a wholly-owned subsidiary of the group, currently owns 100% of the interest in the land lot on which International Building is situated.
Upon completion of the proposed acquisition, the group will own all of the units in International Building.
The proposed acquisition is set to be funded through both internal resources and external borrowings.
The proposed acquisition is not expected to have any material impact on the net tangible assets and earnings per share of the group for the current financial year ending Dec 31.
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Shares in Hong Fok Corporation closed flat at 83 cents on Dec 4.
