Gelonghui, Feb. 5 | HPC HOLDINGS (01742.HK) announced that on February 5, 2024, Wang Yingde, Shi Jianhua and HPC Builders (an indirect wholly-owned subsidiary of the company) entered into the agreement. According to this, Wang (for the sale of shares I) and Shi (for the sale of shares II) have conditionally agreed to sell shares (equivalent to 49.00% of Regal Haus' total shares), at a total cost of SGD 3.206,000.
HPC Builders is a limited company incorporated in Singapore and is an indirect wholly-owned subsidiary of the company. HPC Builders is engaged in providing general construction and civil engineering construction contracting services in Singapore.
Regal Haus is a limited company incorporated in Singapore. Regal Haus' main business is investment holding, and the property is its only significant asset. The property is a leased industrial site with lot numbers 00271M and 00272W, located at 7Kung Chong Road, Singapore 159144. The land area is about 1,623.4 square meters, along with the HPC Building (a seven-story industrial building with a one-story underground parking lot and ancillary offices, with a total construction area of about 4,050.8 square meters).
Taking into account that (i) the acquisition will help improve the efficiency of the Group's operations and management and meet the Group's business operations and future development needs; (ii) the acquisition will help reduce administrative costs relating to compliance with listing rules; (iii) leasing the portion of the HPC Building not occupied by the Group to other tenants can generate a stable source of revenue for the Group; (iv) current industrial property market conditions; and (v) in the event of relevant circumstances, the property can be used as part of the guarantee to obtain additional bank financing for the Group's business and operations, directors (not including due to (Wang and Shi), who has a significant interest in the acquisition and has relinquished voting rights, believes that the acquisition will bring long-term benefits to the Group, and believes that the acquisition (including the terms of the agreement) is fair and reasonable and conforms to the overall interests of the Company and shareholders.