Gelonghui July 21 (Century Construction Industry (00079.HK) announced that on 21 July 2023, the Vendor (being an indirect wholly-owned subsidiary of the Company) entered into the Agreement with the Purchaser, whereby the Vendor conditionally agreed to sell and the Purchaser conditionally agreed to purchase the Sale shares (i.e. the entire issued share capital of the Company) and the transfer of shareholders' current account at a consideration of HK $8.3 million.

The company expects to record a loss of about HK $965000 from the sale. The Company intends to use the proceeds from the sale as the general working capital of the Company, as development funds for the Group's existing business, such as hair styling business and hotel and hospitality business, and to invest in new projects related to the hotel and hospitality business when new investment opportunities arise.

The Sale Company is an inter-company wholly-owned subsidiary mainly engaged in property investment business in Hong Kong and holds a residential property in Tai Koo Shing. Upon completion of the transaction, the seller will no longer hold any interest in the selling company, and the selling company will no longer be a subsidiary of the company and its financial results will no longer be consolidated into the group's financial statements.