Century Legend (00079.HK) announced that Szeto (Amusement) under the mother of the late Zeng Zhaozheng, Zeng Zhaowu, and Zeng Zhaoyan, Situ Yulian, plans to transfer all of its 50.9963 million shares (accounting for approximately 15.64% of the company's issued share capital) to ST (79) at a symbolic price of 1 yuan; major shareholder Barsmark plans to transfer all of its 19.3292 million shares (accounting for approximately 5.93% of the company's issued share capital) to ST (79). After completion, ST (79)'s shareholding in the company will increase from approximately 27.07% to 48.64%.

As part of simplifying the ultimate beneficial ownership structure of ST Investments, Panji Investment held by executive director and chairman Zeng Zhaowu, Ssky Investments and Fortune Ocean held by executive director Zeng Zhaoyan will transfer their holdings in ST Investments to the ultimate beneficial shareholders, namely Zeng Zhaowu, Zeng Zhaoyan, and Xu Yunsisi and Xu Yunzhi. After completion, Panji Investment, Ssky Investments, and Fortune Ocean will no longer be considered as having any equity interests in the group.

Fortune Ocean is jointly managed by Xu Yunsisi and Xu Yunzhi as the administrators of the late Zeng Zhaozheng's estate, with Xu Yunsisi being the spouse of the late Zeng Zhaozheng and the elder sister of Xu Yunzhi.

The group pointed out that the proposed transfers above will not involve any changes to the composition of the board of directors, and the completion of any one or all of the proposed transfers will not have any impact on the group's business and operations. ST (79) has applied to the Securities and Futures Commission for an exemption from the obligation to make a mandatory general offer for the completion of the proposed transfers under the Takeovers Code rules.