Zhitong Financial APP News, Longsheng Group Holdings (06829) announced that on September 22, 2023, Longsheng Asia Trading Co., Ltd. (an indirect wholly-owned subsidiary of the company) (Longsheng Asia) entered into a non-legally binding memorandum of understanding with a distributor. Longsheng Asia intends to cooperate with the distributor in the sale and purchase of silica originating in Malaysia (potential business cooperation).
As at the date of this announcement, all significant terms or forms of potential business cooperation have not been finalized and no legally binding agreement has been entered into between the parties.
According to the announcement, the MOU is in line with the Group's strategy to actively seek new business opportunities and explore options to expand its business beyond the Hong Kong, China market, so as to promote the future development of the Group and strengthen the Group's revenue base. If the proposed transactions under the MOU are implemented, it is expected that the diversification of the Group's business will bring better returns to the company's shareholders.