STYLAND HOLD (00211) announced that on 3 April 2023, Treasure Glasshouse Limited, an indirect wholly-owned subsidiary of the company, entered into a conditional interim agreement in relation to the sale with a cash consideration of HK $30 million as the seller, guarantor (as guarantor) and Yeung Ting Fung (as purchaser). The main asset of the target company Ocean View Villa Limited (formerly known as Hoowin Limited) is the property (located in House A (including external walls and underground parking spaces) of Sea View Villas in Sai Kung, New Territories, Hong Kong.
All the prerequisites for the announcement and the sale set out in the circular have been met and completion was effected on 30 June 2023. Upon completion, the Group no longer holds any interest in the target company. As a result, the target company is no longer a subsidiary of the company and its financial results will no longer be consolidated in the group's financial statements.