Moody's: Gemdale, Famous unaffected

Moody's Investors Service said that Gemdale Corp.'s Ba1 corporate family rating, Famous Commercial Ltd.'s Ba3 corporate family rating, and Gemdale International Holding Ltd.'s Ba3 senior unsecured bond rating are unaffected by Famous' plan for a major acquisition.

Famous, a wholly owned subsidiary of Gemdale, plans to buy a 56.05% stake in Frasers Property (China) Ltd. for HK%1.65 billion.

The outlook remains stable.

Moody's said the investment amount will increase to a maximum of about HK$2.95 billion if all minority shareholders accept Famous' general offer to take over Frasers Property.

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