According to the news from the Zhito Finance APP, ct ind group (08111) announced that on November 21, 2024 (after trading hours), the buyer, ct ind investment company (a wholly-owned subsidiary of the company), has entered into a sales agreement with the seller, Century Engineering Limited, whereby the seller has agreed to sell, and the buyer has agreed to acquire the assets for sale (namely solar panel power generation systems and equipment) in order for the buyer to participate in the feed-in tariff program of china electrical utilities. The acquisition price is 4.7 million HKD; and

A franchise agreement was entered into with the seller, whereby the seller agrees to grant the buyer the right to use and occupy the roof area of the franchise property, for a period from the date of the franchise agreement until the ninth anniversary of that date or until the official termination date of the feed-in tariff program of china electrical utilities, or until the termination date of the renewal period related to the feed-in tariff program (whichever comes first).

The announcement states that the group intends to acquire the assets for sale (namely solar panel power generation systems and equipment), which will be installed and operated on the roof area of the franchise property to participate in the feed-in tariff program of china electrical utilities, aiming to sell the generated wind power to china electrical utilities, thus creating income for the group. Through entering into the franchise agreement, the group will be able to access and use the currently leased and occupied franchise property as a warehouse for the above purposes.