Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Thursday, June 25 2020 - 13:14
AsiaNet
Infinity Capital Group Acquires Substantial Stake in Ultima United Limited as part of its Asia-Pacific Expansion Plan
PERTH, Australia and HONG KONG, June 25, 2020/PRNewswire-AsiaNet/--

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.

For more details, please visit:

--Facebook: https://www.facebook.com/infinitycapitalgrouplimited/ 
--Instagram: https://www.instagram.com/tellus_infinity/

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. 

SOURCE:  Infinity Capital Group