PERTH, Australia and HONG KONG, June 25, 2020 /PRNewswire/ — 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.
About Infinity Capital Group
Founded in 2015, Infinity Capital Group is a developer of luxurious high-end residences with a keen eye for quality in design at coveted addresses in the Asia Pacific. Headquartered in Hong Kong, its developments appeal to those who recognise the distinction of place, values of design and the importance of details. The company continually pushes the frontiers of designing luxury properties by collaborating with widely acclaimed architects and award-winning teams.
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About Ultima United Limited
Since 2007, Ultima United Limited operates as a property development company. The Company focuses on developing affordable residential houses and apartment units in Western Australia.