Gelonghui November 8th 丨Buck 1798 Group (01010.HK) announced that on November 7, 2023, the company entered into a non-legally binding memorandum of understanding with Balk Beheer B.V. (“potential seller”) (a company incorporated in the Netherlands). Under the Memorandum of Understanding, the Company intends to acquire all of the issued share capital of B&W Beleggingen B.V. (“Target Company”) held by the potential seller.
The target company is a company incorporated in the Netherlands. It holds leasing rights for a new port building plot called “Maritieme Servicehaven Noordeliike Flevoland” (“MSNF”).
After the proposed acquisition is completed, the Group plans to invest in the development of MSNF, including the construction of a new shipyard at MSNF. The proposed uses of the new shipyard include building superyachts and carrying out modifications. Furthermore, the Group will continue to prioritize the development and expansion of its superyacht sales, after-sales service provision, luxury yacht leasing, onboard entertainment and yacht tourism businesses. The directors believe that the proposed acquisition is a milestone in the development of the Group's yacht business and can strengthen the Group's yacht business portfolio by providing more comprehensive services. The directors believe that once the relevant investments are made in accordance with the MOU, the Group's revenue streams will expand, which is beneficial to the Group as a whole. Leveraging the Group's expertise in manufacturing and selling yachts, the Group will consider expanding its business to other ship sectors, such as giant yachts, cruise ships and freighters in the future.