Le Saunda buys office property from boss

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Hong Kong-listed footwear manufacturer and retailer Le Saunda Holdings Ltd. has acquired a 456-square metre property at Guangzhou Metro Plaza in Guangzhou for a consideration of RMB10.8 million (MOP12.5 million/US$1.6 million).
According to a company filing with the Hong Kong Stock Exchange, the target property is owned by the company’s controlling shareholder and non-executive director, Marces Lee Tze Bun.
The retailer notes the reasons for the acquisition is due to it having leased the property for office use since 2009.
‘In view of the fact that the group has practical needs to continue the occupancy for its operational needs in the foreseeable future, the Board believes that it is in the long term benefit for the Group to take ownership of the property rather than continue to lease the Property,’ the company wrote, believing the deal will help the company ‘save rental costs and avoid the potential risk of forfeiting occupancy of the property.’
According to Le Saunda, its current lease agreement for the property will expire at the end of this month, while the completion of the acquisition is expected to take place on or before March 1.
La Saunda, headquartered in Hong Kong, was founded in 1977 and operates in Macau, Hong Kong, and China. Its brands include Le Saunda, Le Saunda MEN, Linea Rosa, and CNE. It had a market cap evaluated of HK$1.2 billion as of February 2017.