Zhitong Financial APP News, Xiwang Real Estate (02088) issued a notice about the mandatory comprehensive offer that may be triggered by the takeover. As the company was not aware of the relevant requirements when compiling the announcement with the assistance of the relevant professionals employed at that time, the company did not submit the notice to the Executive Director of Corporate Finance of the Securities and Futures Commission for review in accordance with Rule 12.1 of the Takeovers Code. To avoid similar incidents in the future, the company will (I) appoint Hong Kong legal advisers to provide the directors with training on the supervision and compliance requirements of the Takeovers Code (in particular the disclosure and approval requirements), and (ii) review and strengthen the Group's internal controls to ensure that all applicable requirements under the Takeovers Code are properly complied with in a timely manner.
The Company would like to add that since the date of the announcement, the receiver has been actively looking for a potential buyer of the charged shares, so the offer period begins on the date of the announcement, i.e. 4 August 2023. The Company hereby provides the Company's shareholders and potential investors with up-to-date information and, as at the date of this announcement, despite the discussions between the receiver and the potential buyer, however, the receiver has not entered into any formal or legally binding agreement with any third-party buyer for the sale and purchase of the charged shares.