25 June 2020
Infinity Capital Group (ICG), a luxury property developer headquartered in Hong Kong, announced today that it has acquired a substantial stake in an Australia-based property developer listed on the Australian Stock Exchange, Ultima United Limited (ASX: UUL), for an undisclosed amount. Upon completion of the off-market transaction, ICG holds 15.38% of the issued share capital of UUL.
ICG’s expertise in the Asia-Pacific region drives its expansion plans that will now include this investment. Both companies envisage a mutually beneficial relationship, leveraging on each other’s expertise and forming new synergies in the property development industry in the region. Established in 2007, UUL projects include two (2) residential projects in the Perth metropolitan area to date.
Jonathan Cheng, Group Chief Executive Officer and Managing Director of ICG said “We are excited to take the next step forward with UUL. This allows ICG to benefit from UUL’s strong track record and experience, which also underpins our commitment to Australia and the Asia Pacific. With the same shared vision, I am confident that this transaction will strengthen both companies' portfolios and operations, as well as enhance our capability of strategic expansion going forward.”
UUL has also appointed Jonathan Cheng as Non-Executive Director, effective immediately. Mr James Ban, a non-executive director of UUL will resign.