Gelonghui, May 3, 丨 Lixin International (00191.HK) and Lai Sun Development (00488.HK) announced that on May 3, 2024, the seller Boom Goal Limited (a wholly-owned subsidiary of Lixin Development) and Lai Sun Development signed an offer letter with the buyer Star Gallery Limited. According to this, the buyer has conditionally agreed to acquire all of the issued shares of the target company Gangyue Co., Ltd. and undertake sales loan transfers. The seller has agreed to sell shares and Lai Sun Development has agreed to sell shares according to the purchase price (can be prepared for physical examination) Net asset value adjustment and completion of net tangible asset value adjustment) Transfer the sales loan to the buyer. The total purchase price of sales shares and sales loans payable by the buyer to the seller in connection with the sale should be HK$216 million (net tangible asset value adjustments can be prepared for examination and completed net tangible asset value adjustments).
As of the date of this joint announcement, the target company is the sole legal and beneficial owner of the property. After completion, the target company will no longer be a subsidiary of Lai Sun Garment and Lai Sun Development, and the target company's financial results will no longer be consolidated into the financial statements of Lai Sun Garment Group and Lai Sun Development Group.
The target company is a limited company incorporated in Hong Kong. As of the date of this joint announcement, the target company is a direct wholly-owned subsidiary of the seller and is mainly engaged in property investment business, and its sole asset is the property. The target company is the sole legal and beneficial owner of the property. The property is a residential property, including the 18th and 19th floors of Block 2, Mei Dao, Hong Kong, and parking spaces Nos. 60 and 67 at Mei Yuen Block 1 and Block 2. The total saleable area of the property (excluding parking spaces) is approximately 5,338 square feet.
The property was acquired by Lai Sun Development Group and is currently used by Lai Sun Development Group member companies. The sale is a commitment by Lai Sun Development Group to its non-core asset sale plan, enabling Lai Sun Development Group to reallocate more financial resources to improve the capital structure and/or general corporate use of Lai Sun Development Group and improve the overall cash flow and financial situation of Lai Sun Garment Group and Lai Sun Development Group.