Public company info - Paladin Ltd. - Convertible Redeemable Preference Shares , 00642.HK
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Paladin Ltd. - Convertible Redeemable Preference Shares, 00642.HK - Company Profile
Chairman Oung Shih Hua, James
Share Issued (share) 69,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Development
Corporate Profile Business Summary: The principal activities of the Group are re-development of a property project at Nos. 8, 10 and 12 Peak Road (the “Peak Road Project”) and, investment holding. Performance for the year: For the Year ended 30 June 2013: Turnover 330 HK$’000. Loss before taxation (195,495) HK$’000. Loss for the year (195,495) HK$’000. Business Review: Re-development The Peak Road Project located at Nos. 8, 10 and 12 Peak Road, Hong Kong consists of 34 apartment units and a 3-storey private house and the gross floor area is approximately 119,000 square feet. 17 apartment units have been sold in previous years. There was no sale of apartment unit of the Peak Road Project for the year ended 30 June 2014 because of the slump in residential property market in Hong Kong following demand suppressing policies launched by the Hong Kong Government in 2013. Investment properties The income generated from the investment properties was approximately HK$0.3 million for the current year. Research and development Sensors Integration Technology Limited, a wholly-owned subsidiary of the Group has planned to conduct research and development of digital camera, camcorder, surveillance, video capturing and processing technology. The plan is on early stage and this subsidiary only generated a revenue of approximately HK$1 million for the current year. Disposal of office premises On 20 December 2013, the Group entered into a provisional sale and purchases agreement for selling the office premises located at Unit 01, 45th floor, Office Tower, Convention Plaza No. 1 Harbour Road, Wanchai, Hong Kong. The consideration was approximately HK$337 million and the transaction was completed in April 2014 and the gain on disposal is approximately HK$266 million. The Board is of the opinion that the disposal is a good opportunity to realise a considerable gain by disposal of the property and generate cash inflow for the Group to reduce its indebtedness and provide additional working capital. The Group leased alternative premises as its head office upon completion of the transaction. Prospects: In the past few years, the management adopted strategy to focus on the completion of the Peak Road Project. Going forward, the management is confident that the returns from the Peak Road Project will significantly improve the Group’s financial position and generate a stable income for the Group.

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