Yutai Real Estate (00075) subsidiary plans to sell all shares in Chengdu Runbin Enterprise Management for 1.96 million yuan

Zhitong Finance ·  11/22/2023 19:17

Yutai Real Estate (00075) issued an announcement. On November 22, 2023, the seller (an indirect wholly-owned subsidiary of the company became...

According to the Zhitong Finance App, Yutai Real Estate (00075) announced that on November 22, 2023, the seller (Chengdu Yutai Enterprise Management Co., Ltd., an indirect subsidiary of the company) and the buyer (Chengdu Qizhu Enterprise Management Co., Ltd.) entered into this agreement. The seller agreed to sell and the buyer agreed to acquire sales rights, that is, all shares of the target company, at a cost of RMB 1.96 million in cash.

According to reports, the target company is Chengdu Runbin Enterprise Management Co., Ltd., a limited liability company registered in China, mainly engaged in investment and holding. Currently, its main assets are all of Chengdu Runqi's shares, and Chengdu Runqi's main business is development and trading target projects. As of November 16, 2023, Target Group's net value of unaudited consolidated liabilities was approximately RMB 47.63 million. For the financial years ended 31 December 2021 and 31 December 2022, the target group's net losses after tax were HK$15.27 million and HK$17.14 million, respectively.

According to the announcement, the company expects to obtain a pre-tax profit of approximately RMB 49.59 million at the time of transaction, at the cost of exceeding the target group's unaudited net consolidated liabilities; after the transaction, after deduction of all relevant costs and expenses, the net proceeds the Group expects to receive is approximately RMB 1.96 million. The Group intends to use the net proceeds for other investment opportunities that may be presented to the Group and/or supplement the Group's general working capital.

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