Tsit Wing Coffee Company sells HK property

Tsit Wing Coffee Company, a subsidiary of Tsit Wing International, has sold a Hong Kong property to an independent third party for HK$16.9 million (S$3 million) in cash.

The property is located at Kwai Tak Industrial Centre in the New Territories in Hong Kong. It was previously used as a warehouse by Tsit Wing Coffee Company.

Tsit Wing International said the sale will result in an estimated profit of HK$9.8 million, adding that the consideration for the property comprises around 6.3 percent of its market capitalisation.

It noted that Tsit Wing Coffee Company aims to boost its loading capacity by renting a bigger warehouse in another location.