Richina conditionally sells building

The sale is now only conditional on the gaining of Richina Pacific shareholder consent at a meeting to be held on September 2.

The company bought the tower in 1995 when the original developer was unable to meet contractual obligations to another subsidiary, Mainzeal.

Richina received a stock exchange waiver that allowed it not to inform shareholders it was in talks to sell the building. It believed the sale information was commercially sensitive and any publicity might damage the company and its share price.

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