Summary by Moomoo AI
CHINASOUTHCITY ANNOUNCED ITS INTENTION TO SELL APPROXIMATELY 50% OF ITS INDIRECT SHAREHOLDING IN ASIA PACIFIC FIRST VIA PUBLIC TENDER. The tender notice was published on the company's website on February 5, 2024 and will end on February 19 of the same year. The transaction is expected to constitute at least a disclosable transaction subject to the declaration and announcement requirements of Chapter 14 of the Listing Rules. The Group is currently facing cash flow and cash flow stress. The potential sale is intended to generate cash flow and relieve financial stress. The net proceeds will be used to repay loans and working capital. The Board considers that this move is in the overall interest of the Company and its shareholders, but as of the date of the announcement, the purchase and sale agreement has not yet been signed and the transaction is not bound to take place. Shareholders and potential investors should act with caution.