TERMBRAY IND (00093) announced that on November 8, 2023, the seller Tianli (China) Real Estate (an indirect wholly owned subsidiary of the company) and the buyer Li Mingjun entered into a sales agreement. According to the terms and conditions of the sales agreement, the seller agreed to sell and the buyer agreed to purchase sales shares and sales loans at a cost of HK$160 million (adjustable). The costs will be paid by offsetting outstanding amounts equal to Earth Axis payable by Termbray Wealth under the 2020 Agreement (as supplemented and amended by the Third Supplemental Agreement). If the amount of compensation (adjusted) is higher than the amount of the outstanding amount, the difference must be paid by the buyer to the seller in cash upon completion of the transaction.
After the transaction is completed, the target company Tianli (Fujian) Real Estate will no longer be a subsidiary of the company, and the target company's financial results will no longer be integrated into the company's consolidated financial statements.