Zhitong Finance App News, Zhuang Shi Institution International (00367) announced that on May 9, 2024, the company's indirect wholly-owned subsidiary XYZ PTE. LTD. and Reward International Limited intend to sell all of Mongolia Property Development LLC's issued share capital and transfer sales loans to Ganbat Doniddagva at an estimated cost of not more than US$33 million (subject to adjustment).
According to reports, the target company is mainly engaged in the investment and development of this property. The property has a site area of approximately 3,269 square meters and is located within Mongolia's central business district. The project plans to build a 26-storey retail/office building with a total floor area of about 40,000 square meters, including offices and parking spaces, and shops on the platform level. The superstructure project has already been leveled. Internal structural engineering and exterior cladding work were suspended due to the novel coronavirus (Covid-19). In the consolidated financial statements, the property was held by the Group as a developing investment property.
The Board believes that the sale provides the Group with a good opportunity to ensure a profitable return on the property and further enhance its cash position in the current uncertain market environment.