New World Development disposes Kwoon Chung Bus

New World Construction, subsidiary of New World Development (0017), sold 5.72% shareholding to Wong Chung Pak Thomas, chairman of Kwoon Chung Bus Holdings (0306), and his family members at a price 1.97 times premium to its closing price last Friday with cash turnover amounting to HK$58 mln. After the dealing, the shareholding held by New World Construction would decrease to 31.75%. On the other hand, both of the two sides agreed to shorten the selling-prohibition period of the 30% shares of the rest shareholding held by New World Construction from the previously set October 3, 2002 to September 3 this year.

Related stock : (17)( 306)