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  • LBS Exercises Option To Acquire Zhuhai Circuit
  • LBS Exercises Option To Acquire Zhuhai Circuit
    Oct 03, 2013

    Dragon Hill Corporation Limited (Dragon Hill), a wholly-owned indirect subsidiary of property developer, LBS Bina Group Berhad (LBS or the Group) (LBS, 5789), today acquired the entire equity interest in Lamdeal Investment Limited (LIL) which is involved in the management of Zhuhai International Circuit Limited (ZICL).

    The Group acquired 2,200,000 of ordinary shares or HKD1.00 each representing the entire equity interest in LIL for a total consideration of USD1.00.

    “LBS believes in the potential of the ZIC circuit land. This acquisition has come at an appropriate time as the Group believes that it will benefit in the long term given the shortage of sizeable prime land in Zhuhai. Upon completion of the Exercise of Option, Dragon Hill will hold 100% of the entire issued and paid-up share capital of LIL and LIL will own 60 per cent of ZICL,” said LBS Managing Director, Dato’ Lim Hock San.

    The Zhuhai International Circuit (“ZIC Circuit”) currently occupies some 264 acres of prime land strategically located next to the Lakewood Golf Club and the 197-acre piece of land earmarked for mixed developments. The Group’s investments in Lakewood Gold Club and the development land were disposed recently for a total sale consideration of HKD1.65 billion. The decision to bring the ZIC Circuit back into the Group will maintain the Group’s presence in Zhuhai, China and may in the future provide another opportunity for the Group to venture into property development there.

    LIL was an investment party to a racing circuit project where LIL together with its joint venture partner in China had in year 1992 formed a sino-foreign cooperative joint venture entity, known as Zhuhai International Circuit Limited (“ZICL”) to jointly develop and operate China’s first professional racing track, the 264-acre ZIC Circuit.