Gelonghui, December 22, 丨 Territory Holdings (06999.HK) announced that on December 22, 2023, the seller (a subsidiary of the company) signed an agreement with the buyer. According to this, the seller agreed to sell and the buyer agreed to acquire shares. It accounted for 50% of the shares of the target company Haining Zhengxin Trading Co., Ltd., at a cost of RMB 14 million.
The target company is a limited company established in China, mainly engaged in property development. As of the date of this announcement, the target company was 50% owned by the seller and 50% by the buyer. The main assets of the target company are developing residential and ancillary properties located in Ya'an City, Sichuan Province, China, with a total floor area of approximately 168,229.44 square meters.
The net proceeds from the sale will be used as the Group's general working capital to further assist the company in meeting the requirements of building security and operation insurance.