AF Global subsidiary sells 55% Xuzhou JV stake for $26.24m

LCLPL will receive $8.31m in cash and $17.93m via debt assignment.

AF Global Limited’s subsidiary L.C. Logistics Pte Ltd (LCLPL) will transfer its 55% stake in its Xuzhou joint venture to its partner Guangxi Yinjian Investment Co., Ltd. for $26.24m (RMB142m).

This is part of the compulsory liquidation of Xuzhou Yinjian LumChang Real Estate Development Co., Ltd. (XZYJLC).

Under the agreement with Guangxi Yinjian Investment, which holds the remaining 45%, LCLPL will receive $8.31m (RMB44.99m) in cash and $17.93m (RMB97.01m) through the assignment of debt owed by XZYJLC.

The assigned debt will be repaid via the transfer of 239 office units and 64 parking spaces in Gulou Square, Xuzhou, to LCLPL.

In addition, XZYJLC will pay $1.79m (RMB9.70m) to Xuzhou Sancai Real Estate Sales Agency Co., Ltd. to settle outstanding debts.

AF Global will retain a 55% indirect interest in any remaining balance.

The company has not specified how it will use the proceeds beyond general corporate purposes and is not considering any dividends or distributions until the liquidation is fully resolved.

Net proceeds from the disposal are estimated at $19.45m if the company does not recognise a write-down on the transferred assets, or $16.70m if the write-down is recognised.

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