On ****, 2024, Golden Faith GP (02863.HK) announced that its wholly-owned subsidiary Guanzhi had signed an agreement with the purchaser. According to the agreement, Guanzhi agreed to sell and the purchaser agreed to buy all of the issued share capital of Kanghe Electric Machine Co., Ltd., a subsidiary of the company represented by the seller.

The sale price is HKD 5 million plus its net asset value. The parties agreed that the net asset value shall not exceed HKD 1.1 million, so the sale price shall not exceed HKD 6.1 million.

As of the announcement date, the selling company is a wholly-owned subsidiary of the company. It is mainly engaged in electrical utilities and maintenance (E&M) engineering business.

The Board of Directors believes that the sale is advantageous to the group because the group can continue to concentrate its resources and efforts on working with reputable main contractors as partners after the sale, and it is consistent with the group's global strategy. As of the date of this announcement, the group has signed contracts for E&M engineering services with these reputable main contractors, with a contract value of approximately HKD 121 million, which will be completed in the next few years.