Gelonghui January 12 | TERMBRAY IND (00093.HK) announced matters relating to the sale of all rights of Tianli (Fujian) Real Estate Development Co., Ltd. All the prerequisites for the proposed sale as stipulated in the sale agreement have been fulfilled, and the proposed sale was completed on January 12, 2024 in accordance with the terms of the sale agreement. After the transaction was completed, the company no longer held any shares in the target company, and the target company was no longer a subsidiary of the company.
As stated in the circular, the cost of trading and selling shares and sales loans was HK$160 million. After such adjustments, the cost was HK$160,138,258, which was paid by offsetting the median amount of the outstanding amount (HK$160,502,000) upon completion of the transaction. The remaining amount of the outstanding amount (i.e. HK$363,742) was paid by Termbray Wealth in cash to Earth Axis on the day the transaction was completed.