Neptune expands business


Neptune Group Limited has announced the completion of the acquisition of a company in the hospitality business as well as a deal for the renewal of a lease on June 26, according to a filing with the Hong Kong Stock Exchange.
Upon the completion of the acquisition of 30 per cent of the equity interest in and the shareholder’s loan owing by Ever Praise Limited, the company has become an associate of Neptune.
In addition, upon completion of the acquisition of the entire equity interest in and shareholder’s loans owing by Harbour Bay Hotels Limited, the latter has become an indirect wholly-owned subsidiary of the company.
The company also noted that Harbour Bay shall pay a rent at the rate of HK$544,500 (US$69,804/MOP560,835) per calendar month to Ever Praise for leasing the Hotel Portion (except the fourth floor of the Hotel Property) of the Harbour Bay hotel, located in Tsim Sha Tsui, for an additional term of three years commencing May 1, 2019 and ending April 30, 2022.