Annual Report 2015
FINANCIAL SECTION
197
46 RELATED PARTY TRANSACTIONS
(continued)
Notes: (continued)
(h) Engineering and mechanical services are charged in accordance with relevant contracts.
(i)
Management fee expenses are charged at rates in accordance with relevant contracts.
(j)
The accounts payable are unsecured, interest free and are repayable on demand.
(k) On 30 January 2015, a share purchase agreement (the “Share Purchase Agreement”) was entered into between Natal
Global Limited (“Natal Global”, an indirect wholly owned subsidiary of NWSH, Zion Sky Holdings Limited (“Zion Sky”),
Investec Bank plc. and Goshawk Aviation Limited (“Goshawk”, a company which is engaged in commercial aircraft leasing)
and pursuant to which, Natal Global agreed to purchase (i) 144.8 million preference shares of Goshawk held by Zion Sky,
representing 40% of the total issued share capital of Goshawk; and (ii) the loan notes in the outstanding principal amount
of approximately US$60.9 million (equivalent to approximately HK$473.2 million), representing approximately 18.7% of the
estimated total outstanding notes as at the date of completion of the Share Purchase Agreement issued by GAL Dutch
Finance B.V. under the senior notes deed dated 12 May 2014 and enter into between GAL Dutch Finance B.V. as issuer and,
among others, Zion Sky and Investec as noteholders from Zion Sky at a total cash consideration of approximately US$222.5
million (equivalent to approximately HK$1,728.8 million). The total consideration was paid by Natal Global on the date of
completion of the Share Purchase Agreement.
As at the date of signing of the Share Purchase Agreement, Zion Sky was wholly owned by CTF. Completion of the Share
Purchase Agreement took place on 2 February 2015 and upon completion, Natal Global owned 40% equity interest in
Goshawk which accounted for as an associated company of the Group.
(l)
The acquisition of equity interest of Sunbig Limited from Cheung Hung Development (Holding) Limited, an associate of CTF,
is disclosed in note 8.
(m) Related companies are subsidiaries, joint ventures and associated companies of CTF, CTFJ Group and companies owned by
Mr. Doo.
(n) The balances with joint ventures and associated companies are disclosed in notes 21, 22, 31 and 41.
(o) No significant transactions have been entered with the Directors of the Company (being the key management personnel)
during the year other than the emoluments paid to them as disclosed in note 15.
47 EVENT SUBSEQUENT TO YEAR END
On 3 July 2015, New World Development (China) Limited (“NWDC”), a wholly owned subsidiary of NWCL, entered
into a Sales and Purchase Agreement with CTF to sell its entire equity interest in NWHM together with related
outstanding shareholder’s loan and accrued interest due and owing by NWHM to NWDC for an aggregate cash
consideration of HK$1,963.0 million. Subject to the fulfillment of several conditions precedent, the disposal is
expected to be completed on or before 31 December 2015 at a gain of approximately HK$844.0 million.
