Date
19 October 2017
Yung Kee Restaurant was valued at HK$990 million to HK$1.11 billion by KPMG, which was hired by one of the parties to assess the business. Photo: HKEJ
Yung Kee Restaurant was valued at HK$990 million to HK$1.11 billion by KPMG, which was hired by one of the parties to assess the business. Photo: HKEJ

Yung Kee faces closure as deadline nears on stake sale

Yung Kee Restaurant faces liquidation if family members fail to agree on a proposed stake sale before a court-appointed deadline Wednesday.

Negotiations on the sale of a 45 percent stake in the Hong Kong landmark have collapsed, the Hong Kong Economic Journal reports.

Representatives of Kam Kin-sing (甘建成), the late eldest son of founder Kam Shui-fai (甘穗輝), and second son Kam Kwan-lai (甘琨禮) have failed to reach an agreement, according to sources.

Kam Kin-sing’s widow, Leung Sui-kwan (梁瑞群), wants HK$1.3 billion (US$166.73 million) for the stake but Kam Kwan-lai is standing firm on his HK$1.2 billion purchase offer.

Last week, the Court of Final Appeal extended the deadline for the company’s liquidation after giving the parties 28 days to negotiate a deal.

KPMG, hired by Kam Kwan-lai to assess the business, put its value at HK$990 million to HK$1.11 billion.

The liquidation order will be carried out at midnight if the parties cannot reach an agreement by 5 p.m. on Wednesday.

[Chinese version中文版]

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