Rosedale Hotel Holdings Limited (HKG:1189) announced that it has agreed to sell 10% of the issued share capital of HKWOT, at a consideration of US$9.44 million (HK$73.6 million). The net proceeds will be used for general working capital and funding of any potential investments available to the Group in future. The estimated gain on the disposal will be HK$16.6 million.

HKWOT is principally engaged in the provision of package tours, travel and other related services.

C-Travel International Limited (purchaser) is interested in 90% of the issued share capital of HKWOT.

The Company considered the disposal would allow it to focus its resources on its hotel and leisure services segment which the Company believed to have better prospects.