Gelonghui July 27?Star Group (01560.HK) announced that on 27 July 2023, the Vendor (an indirect wholly-owned subsidiary of the Company) entered into a provisional sale and purchase agreement with the Purchaser, pursuant to which, in accordance with the terms and conditions of the interim Sale and purchase Agreement, the seller conditionally agreed to sell and the Purchaser conditionally agreed to purchase the unsold shares (i.e. the only issued shares of the Target Company) and debt for sale for a total consideration of HK $58 million.
The target company (i.e. Advalue Group Limited) is a limited company incorporated in Hong Kong, which is mainly engaged in property investment holding, while the property is used for operating shared office space. Before completion, the target company is an indirect wholly-owned subsidiary of the company. The target company is the registered and beneficial owner of the property. The property is located on the whole floor of Admiralty Centre, 28 Queen's Road East, Wan Chai, Hong Kong (including offices No. 1, 2, 3, 4, 5, 6, 7 and 8, corridors, lift lobbies and toilets). Prior to completion, the property is held by the target company and used for operating shared office space.