MOU for $1.5 billion investment in South Shore gets extension

South Shore Holdings, owner of luxury development THE 13 Hotel says it has extended the expiry date of an MOU that would see an associate of a substantial shareholder invest HK$1.5 billion ($191.2 million) into the company.

South Shore said the agreement to extend the expiry date was reached on May 3 – which would see the MOU extended to May 31, 2019, to give both parties more time for negotiation.

The company informed shareholders about the MOU in January this year.

According to South Shore at the time, proceeds of the investment would be used to reduce debt associated with the development of The 13, which opened in 2018.