Summary by Moomoo AI
The Argyle Group issued a supplemental notice on 7 March 2024 detailing its transfer of equity and shareholder loans with Hilmi and Bormi. Against the backdrop of challenges in China's real estate market and tightening of financing by financial institutions, the transaction aims to withdraw all of Nantong's original investment in Hilmi and increase its stake in Borneo. The transaction includes a debt offset agreement in which approximately 40% of the price will be discounted. HILMEY PROPERTY DEVELOPMENT HAS NOT YET STARTED AND THE LOCAL REAL ESTATE MARKET IS WEAK. THE BOARD CONSIDERS THAT THE SHORT-TERM DEVELOPMENT POTENTIAL AND PRICING CAPACITY ARE LOW. The Board of Directors did not consider an independent valuation, but considered the terms of the transaction...Show More