Premier Aviation Holdings Group Limited announced on 23 February 2024 that it will sell all issued share capital of its subsidiaries. The cost of this transaction takes into account the operating performance of subsidiary Foxy since its acquisition by the Group, including unaudited revenues of approximately HK$3.7 million and a net loss of approximately HK$3.0 million for the year ended 31 December 2023. The sale will enable Airline Holdings to more effectively leverage its financial resources, develop its core business and explore other investment opportunities. The Board considers that, although the price is at a discount to the net asset value of the target group, the sale conditions are fair and reasonable and in the overall interests of the company and shareholders. Proceeds from...Show More

Premier Aviation Holdings Group Limited announced on 23 February 2024 that it will sell all issued share capital of its subsidiaries. The cost of this transaction takes into account the operating performance of subsidiary Foxy since its acquisition by the Group, including unaudited revenues of approximately HK$3.7 million and a net loss of approximately HK$3.0 million for the year ended 31 December 2023. The sale will enable Airline Holdings to more effectively leverage its financial resources, develop its core business and explore other investment opportunities. The Board considers that, although the price is at a discount to the net asset value of the target group, the sale conditions are fair and reasonable and in the overall interests of the company and shareholders. Proceeds from the sale will serve as Group working capital and are expected to provide positive, higher return investment opportunities. IN ADDITION, THE TARGET GROUP'S FINANCIAL PERFORMANCE DETERIORATED, CONTRARY TO THE GROUP'S EXPECTATIONS, SO THIS SALE HELPED THE GROUP TO EMERGE FROM ITS LOSS-MAKING SITUATION AND ACHIEVE BETTER FINANCIAL RESULTS IN THE NEAR FUTURE.