Bank of East Asia Ltd (0023.HK)
18 Jul 2018
Latest Key Developments (Source: Significant Developments)
Nov 29 (Reuters) - Bank Of East Asia Ltd <0023.HK>::UNITS ENTER EQUITY TRANSFER AGREEMENT WITH CHINA FINANCIAL SERVICES AND QL FINANCE CO FOR SALE OF INTERESTS FOR HK$664.8 MILLION.UNITS ENTER ASSETS PURCHASE AGREEMENT FOR SALE OF CERTAIN LOAN PORTFOLIO FOR HK$414.2 MILLION. Full Article
Bank Of East Asia Ltd <0023.HK> : Acquired 21% of issued share capital of Prasac Microfinance Institution Limited .Deal for a consideration of approximately us$78 million. Full Article
Bank of East Asia Holdings Limited <0023.HK>: Bank, NWS Holdings and East Asia Secretaries entered into a share purchase agreement with Trivium for sale of all issued shares of Tricor . Deal for a cash consideration of HK$6,469.7 million . Expected that proceeds from disposal will be used as general working capital of bank and for its future business development . Bank is expected to book a profit in amount of about HK$3.100 billion in respect of disposal .Immediately after closing, bank will cease to hold any equity interest in Tricor and Tricor will cease to be a subsidiary of bank. Full Article
Bank of East Asia Ltd <0023.HK>: HY profit attributable to owners of the parent HK$2.10 BLN VS HK$3.35 BLN last year . HY impairment loss on loans and advances HK$1.24 BLN VS HK$776 MLN LAST YEAR . HY net interest income HK$5.48 bln vs HK$6.18 bln last year . Interim dividend of HK$0.28 per share . Business and operating environment is expected to remain challenging in the second half of 2016 . "Brexit will add to, uncertainties in financial markets, and may affect inward investment into the UK and Europe" . On the mainland, exports continued to struggle as demand from european and asian markets remained weak in the first half . Looking ahead, growth of the European economy will remain sluggish while the us economic recovery will continue at a slower pace . Little change is expected in China's export fortunes . Sale process is at an early stage and that the bank has not entered into any agreement to sell its interest in Tricor group . Expect the central bank to refrain from taking further measures unless the economy deteriorates . China's economy is likely to grow by 6.7% in 2016, with inflation remaining low at 2.0% . In Hong Kong GDP growth is forecast to average 0.5% for 2016, while the inflation rate will soften to 2.6% . Plan to sell Tricor Group has been initiated . "There can be no certainty about the outcome of the sale process". Full Article
HONG KONG, Feb 22 Hong Kong-based Bank of East Asia Ltd (BEA) posted a near tripling in profit in its full fiscal year, beating street estimates, bolstered by a sharp jump in income from the sale of some non-core assets as well as a drop in impairment losses.