Source: http://preview.todayir.com/oceanwide/attachment/20221202170801757310530090_en.pdfOn 15 November 2022 (Hawaii time), Oceanwide Resort HI LLC and Oceanwide Resort Paradise HI LLC, the wholly-owned subsidiaries of the Company, entered into a non-legally binding and non-exclusive letter of intent (the “Ko Olina LOI”) with, inter alia, a potential buyer for the potential disposal of the Group’s remaining real estate development projects located in Ko Olina District on Island of O’ahu in Hawaii, the U.S. (the “Ko Olina Projects”) (the “Potential Ko Olina Disposal”). The Group is awaiting the potential buyer to provide proof of funds before commencement of drafting the purchase and sale agreement.
The net proceeds from the Potential Ko Olina Disposal will be used to repay the debt pertaining to the Ko Olina Projects.