Magnusconcordia (01172) announced that after the trading session on June 21, 2024, the seller Guangzhou Rongtai Investment Consulting Services Co., Ltd. (a wholly-owned subsidiary of the company) and the buyer Madingzhengfen each entered into a property sale and purchase agreement.

The target property is located at Room 3801, 3802, 3803 and 3807, 38th floor, Fuliyinkei Plaza, No.16 Huaxia Road, Tianhe District, Guangzhou City, Guangdong Province, China. The total construction area is 726.3 square meters for office use.

The proceeds from the sale, after taxes and expenses, are approximately RMB25.3 million and will be used as operating capital for the company and the group.

The directors believe that the sale is a good opportunity for the company to obtain funds to increase its cash flow. The directors believe that the terms of the sale and purchase agreement and the transactions contemplated thereunder are fair and reasonable and in the overall interests of the company and its shareholders.