Gelonghui, May 16, 丨 Titan Energy Technology (02188.HK) announced that on May 16, 2024, Titan Technology (as the seller) entered into an equity transfer agreement with the buyer and auction agent. According to this, Titan Technology conditionally agreed to sell, while the buyer Chen Wenjia conditionally agreed to purchase all of Zhuhai Libo's shares at a cost of RMB 30.1 million.
After the sale is completed, the company will no longer hold any interest in Zhuhai Libo, and Zhuhai Libo will no longer be an indirect wholly-owned subsidiary of the company. As a result, the financial results of Zhuhai Libo will cease to be confirmed in the Group's accounts.
Zhuhai Libo is the holding company that owns such properties. Since (i) the Group's production and office base in Tangjiawan Town, High-tech Zone, Zhuhai has been completed; and (ii) the Group established a new production base in Caofeidian Industrial Zone in Tangshan City, Hebei Province in 2023, the board of directors believes that the sale will help improve the overall management efficiency of the Group's business and optimize the Group's resource allocation. The net proceeds after the sale is completed are expected to increase the company's cash flow, and once suitable business opportunities are met, the company can be more flexible in finding and participating in other investments.