Guancheng Watch & Jewellery (00256) announced that on October 25, 2023, International Famous Brand Co., Ltd., a wholly-owned subsidiary of the company, plans to sell 7 million Ebolu shares to Chaofeng Co., Ltd., at HK$2.0 per share. The sale will be completed through OTC transactions at a cost of HK$14 million.
The seller currently holds about 218 million Ebolu shares, which is equivalent to about 60.47% of Ebolu's issued share capital. After the sale, the seller owned approximately 211 million shares of Ebolu, which is equivalent to about 58.52% of Ebolu's issued share capital. Ebolu remains a subsidiary of the company.