Gelonghui, May 10, 丨 Lifeng (Group) (00387.HK) announced that on May 10, 2024, the seller Lifeng Machinery Co., Ltd. (an indirect wholly-owned subsidiary of the company) entered into a sales agreement with the buyer Li Xiuliang. According to this, the seller conditionally agreed to sell and the buyer conditionally agreed to buy the property at a cost of HK$53 million.” “This property” refers to a property located in Room 67, 2nd Floor, Block 11, Yangming Villa, 88 Tai Tam Reservoir Road, Hong Kong, and parking space No. 3173 at the entrance of the car park on the fourth floor of the garage.
The Board of Directors has reviewed the Group's Hong Kong property portfolio, and the directors believe that the sale provides a favorable opportunity for the Group. By selling this property, the Group will be able to realize the added value of the property over time. The sale will generate additional working capital for the Group, reduce the Company's liabilities and financial costs, and allow the Group to allocate more resources to other existing businesses.
Subject to approval and completion by independent shareholders at the special shareholders' meeting, the board of directors intends to declare a special dividend of HK$0.1 per share to shareholders on the company's shareholders' register on the date to be determined. The company will publish a separate announcement on this in due course.