Summary by Moomoo AI
Kwong Cheng Education International Holdings Limited announced on 19 April 2024 that it had entered into a purchase and sale agreement with Glorious Maple Limited to sell 117,000 shares of Class A Participating Shares at a price of HK$101 million. The applicable percentage of the transaction is between 5% and 25% and constitutes a disclosable transaction in accordance with Chapter 14 of the Listing Rules. Upon completion of the sale, Guangzheng Education will no longer hold any interest in the fund and is expected to record an unaudited loss of approximately HK$17.1 million. The Board considers that, given the uncertain economic outlook, this would help the Group to exit investments and focus on its core business in the education sector. Proceeds from the sale will be used as working capital.