| For Immediate Release | 1 April 2026 |
(1 April 2026 - Hong Kong) Far East Consortium International Limited ("FEC", along with its subsidiaries, the "Group"; SEHK: 35) is pleased to announce that its wholly-owned subsidiaries, FEC Hotel Operations Holdings (Australia) Pty Ltd and FEC DCG Pte. Ltd. (the "Vendors"), entered into a Sale and Purchase Agreement with Ace Goal Investments Pte. Ltd., a company incorporated in Singapore, which is indirectly owned as to 55% by Ms. Jennifer Wendy CHIU and as to 45% by Tan Sri Dato' David CHIU.
Under the agreement, the Vendors agreed to sell their 49.9% equity interests in FEC Hotel Operations Melbourne WSP Pty Ltd and RC Melbourne Hotel Holdings Pty Ltd, which own The Ritz Carlton, Melbourne, located at 650 Lonsdale Street, Melbourne, Victoria, Australia. The transaction also included the assignment of 49.9% of the outstanding shareholder's loan. The aggregate consideration amounted to approximately A$58.2 million (equivalent to approximately HK$314.5 million), subject to the terms and conditions of the sale and purchase agreement. The disposal was executed at an attractive consideration, reflecting the quality of the asset and the Group's disciplined capital management. Upon completion, the Group expects to record a gain of approximately A$18.3 million (equivalent to approximately HK$99.2 million) from this transaction. For further details, please refer to the Company announcement dated 1 April 2026.
In addition, as part of its ongoing monetisation strategy, the Group completed the disposal of certain assets in Malaysia on 30 March 2026 for an aggregate consideration of MYR55 million (equivalent to approximately HK$105 million). The Group expects to record a gain of approximately MYR40 million (equivalent to approximately HK$76 million), being the consideration of the SPA less estimated book carrying value of the certain assets at completion date and the estimated expenses in relation to the transaction. For further details, please refer to the Company announcement dated 30 March 2026.
These disposals reflected the Group's disciplined execution of its capital recycling and portfolio optimisation strategy. The gains recognised from these disposals reinforced the Group's financial position and supported ongoing efforts to lower debt level. In light of escalating geopolitical volatility and complex economic headwinds, the Group remains committed to prudent financial management, focusing on reducing leverage and ensuring resilience amid volatile market.
Mr. Boswell CHEUNG, Chief Financial Officer and Company Secretary of FEC, said, "These disposals are consistent with our strategy to monetise non‑core assets and strengthen the balance sheet. Going forward, our main focus remains on reducing debt level and lowering gearing ratio. In today's uncertain global environment, prudent financial management is essential. By keeping discipline at the core of our approach, we aim to preserve resilience and flexibility, positioning the Group to safeguard long‑term stability and deliver sustainable value to our stakeholders."
About Far East Consortium International Limited
Far East Consortium International Limited ("FEC", together with its subsidiaries, the "Group") has been listed on the Hong Kong Stock Exchange since 1972 (HKEx Stock code: 35.HK). The Group is mainly engaged in property development, property investment, hotel operations and management, car park operations and facilities management, gaming and related operations, securities and financial product investments and provision of mortgage services. The Group adopts the diversified regional strategy and the "Asian Wallet" strategy with business covering Hong Kong, Chinese Mainland, Australia, New Zealand, Malaysia, Singapore, the United Kingdom and other European countries.
| FEC official website: www.fecil.com.hk | FEC WeChat and Weibo: http://www.weibo.com/u/5703712831  |
| For further information, please contact: | |
| Far East Consortium International Limited | Strategic Financial Relations Limited |
| Media enquiries: | |
| Ms. Toby Chan | Ms. Mandy Go / Ms. Mel Lai |
| Contact Number: (852) 2850 0635 | Contact Number: (852) 2864 4812 / (852) 2864 4855 |
| Email: pr@fecil.com.hk | Email: sprg_fareastconsortium@sprg.com.hk |
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