Summary by Futu AI
Satzhi Group Holdings Limited (Stock Code: 8079) announced on 9 February 2024 that its wholly owned subsidiary Star Credit Limited has entered into an interim agreement with Mr. Gidwani Dheeraj to agree to sell the commercial property located in the South Bailey Commercial Centre in Chatham Road, Kowloon for a transaction price of $1,600,000 HKD. The sale is a disclosable transaction pursuant to section 19.06 of the GEM Listing Rules. The property has a book value of HK$1,770,000 and the transaction is expected to result in a loss of approximately HK$170,000. The Company plans to use the net proceeds from the sale as general operating capital. The completion date is scheduled for April 10, 2024. The Group is primarily engaged in debt servicing, retail and wholesale business, financial instruments and quotation equity investments, while the seller is primarily engaged in debt servicing. The Board considers that, given the current market and financial situation, this sale is an opportunity to transform the asset at a reasonable price and contribute to the improvement of the Group's financial position.