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2011
11 Aug

NWS Holdings disposes of New World First Ferry (Macau)

NWS Holdings Limited ("NWS") announced that New World First Holdings Limited which is jointly owned 50-50 by Chow Tai Fook Enterprises Limited and NWS has entered into a sale and purchase agreement with Shun Tak - China Travel Shipping Investments Limited ("STCTS") to dispose of all shares in New World First Ferry Services (Macau) Limited and New Ferry - Transporte Maritimo De Passageiros (Macau), Limitada (collectively "New World First Ferry (Macau)"). The disposal includes catamarans and concession agreement granted by the Macao SAR Government. The total consideration for this disposal amounts to approximately HK$350 million.

The disposal of New World First Ferry (Macau) is part of NWS' ongoing corporate strategy to streamline its businesses in order to consolidate the NWS' resources and align its business focus on high growth areas such as infrastructure projects. Furthermore, the sale proceeds from the disposal will further strengthen the NWS' overall financial position and enable NWS to deploy more capital to fund large-scale infrastructure projects, thereby enhancing shareholder returns.

Upon completion, STCTS will maintain the current service and sailings and retain the staff of New World First Ferry (Macau). Ticket fares will also remain unchanged. Last but not least, this transaction will create a win-win situation by improving cost efficiency for both parties.