Gelonghui, May 6, 丨 China Securities International (00943.HK) announced that on May 6, 2024, the company and Jiesheng International (a direct wholly-owned subsidiary of the company) entered into a sale agreement with Lim Kim Chai, a non-executive director and major shareholder of the buyer company to readjust the Group's business and reduce the burden of the sale group on the Group's overall financial situation due to debt.
The main terms of the sale agreement are as follows: (i) Jiesheng International sold the sales shares to the buyer (that is, the sale of all shares of the company Hong Kong Securities City Investment Co., Ltd.) at a cost of approximately HK$53.7 million. The buyer will offset the unpaid accrued interest on loans owed by the company to the buyer's shareholders up to the date of the sale agreement;
(ii) The company sold the sales loan (unsecured) to the buyer, that is, the total amount (including principal and interest) owed to the company by Ruifeng (the sale of the company's indirect wholly-owned subsidiary) at a nominal cash cost of HK$1; and (iii) after completion, the buyer extended the repayment date of the shareholder loan (unsecured) principal (plus accrued interest) from 31 December 2024 to 31 December 2027.
The sales group is engaged in real estate development business in China, namely the Dongguan project and the Nanjing project. The sales group also holds 42.5% of Chengde Jinyu's shares, while Chengde Jinyu holds 90% of Chengde Development's shares. Chengde Development is mainly engaged in first-level land development in Luanping County, Chengde City, China, the Luanping Project. Chengde Development also owns three parcels of land in Luanping County through its subsidiary.
Upon completion, the Group will sell all of its interests in the sale of the Group, that is, all of its existing property projects in China. The sale company will no longer be a subsidiary of the company, and the financial performance, assets and liabilities of the sale group's member companies will no longer be comprehensively recorded in the group's financial statements.
After completion, the remaining group will mainly be engaged in the manufacture and sale of health care and household goods, coal mining business and money lending business, and hold investments in real estate development projects in Malaysia. The healthcare and household products business will be the remaining group's main source of revenue.