Pan Ocean International (00129.HK) and its parent company ASIA ORIENT (00214.HK) will resume trading today (27th) from 9 AM. The two companies jointly announced that Pan Ocean International's indirectly wholly-owned subsidiary, Miracle Point Ventures, will sell a total of 0.9326 million shares of the sporting goods company Amer Sports (AS.US) held by the special purpose company to Diligent Shine and Brian Vision for a total consideration of 21.3714 million USD (approximately 0.167 billion HKD).
Upon completion, the seller will no longer Hold any equity in the special purpose company. 120 shares of Class B in the special purpose company will be held by an independent third-party investment manager. Furthermore, the seller's equity in the sold investment shares will be classified in ASIA ORIENT and Pan Ocean International's consolidated financial statements as financial assets measured at fair value through Other comprehensive income. As a result, the sale will not impact the consolidated income statement of ASIA ORIENT and Pan Ocean International, and the revenue of approximately 0.108 billion HKD will be transferred from the investment revaluation reserve to the income reserve.
Comment(0)
Reason For Report