R&F Properties (02777) announced that on February 6, 2024, the company's wholly-owned subsidiary R&F Properties (Hong Kong) Limited (seller) signed a letter of intent with London One Limited (buyer). The seller and buyer agreed to enter into a final agreement within 10 business days after obtaining the lender's consent. According to the final agreement, the seller plans to sell to the buyer all the issued share capital of the target company R&F International Real Estate Investment Co., Ltd. and all loans owed by the target company to the seller. The price of the shares to be sold will be paid in cash, while the cost of the loan to be sold is all existing notes that the buyer will receive in accordance with the exchange offer. The minimum principal amount for all such existing notes will be US$800 million.
According to the announcement, all conditions for completing the above transaction have been met or have been exempted, and the transaction was completed on May 8, 2024. After the transaction was completed, the target company R&F International Real Estate Investment Co., Ltd. under the above transaction was no longer a subsidiary of the company, and the financial results of R&F International Real Estate Investment Co., Ltd. and its subsidiaries were no longer included in the company's consolidated financial statements.