Lai Sun International (00191) and Lai Fung Holdings (01125) jointly announced that on June 20, 2024, the seller, Lai Sun Cultural Creativity Tian Di Co. Ltd. (an indirect non-wholly owned subsidiary of Lai Fung), and the buyer, China Industrial and Commercial Bank Co. Ltd. Zhuhai Branch, entered into a sale and purchase agreement for operational premises, at a price of RMB 32.9633 million (equivalent to approximately HKD 35.4 million).
Lai Sun International (00191) and Lai Fung Holdings (01125) jointly announced that the seller, Lai Sun Cultural Creativity Tian Di Co. Ltd. (an indirect non-wholly owned subsidiary of Lai Fung), and the buyer, China Industrial and Commercial Bank Co. Ltd. Zhuhai Branch, entered into a sale and purchase agreement for operational premises on June 20, 2024, at a price of RMB 32.9633 million (equivalent to approximately HKD 35.4 million).
It is reported that the operational premises I and II are non-residential properties designated for business services and investment. The total construction area of operational premises I is 194.**** meters, of which the internal construction area is 166.16 square meters and the shared construction area is 28.73 square meters. The total construction area of operational premises II is 411.53 square meters, of which the internal construction area is 235.70 square meters and the shared construction area is 175.83 square meters.
The announcement stated that the sale will allow Lai Sun Apparel Group and Lai Fung Group to reallocate more financial resources to improve their capital structure and/or for general business purposes. The proceeds from the sale are intended to be used to repay debts and for general operating capital purposes of Lai Sun Apparel Group and Lai Fung Group.