Glonghui, March 18, 丨 Future World Holdings (00572.HK) announced that on March 18, 2024, the buyer (a wholly-owned subsidiary of the company) and seller A signed the first sales agreement. According to this, the buyer conditionally agreed to the acquisition and transfer, while seller A conditionally agreed to sell and transfer all of the shares and shareholder loans of the Bank of America, at a cost of RMB 3,400,000 and RMB 32,000,000 respectively. After the first completion, Federal Reserve Properties will become an indirect wholly-owned subsidiary of the company.
On the same day, United Bank Properties (a wholly-owned subsidiary of the company after the first completion) entered into a second sales agreement with Seller B. According to this, Federal Bank Property conditionally agreed to acquire, while Seller B conditionally agreed to sell 10% of Zhiying Property's shares at a cost of RMB 3,900,000. After completion of the second time, Zhiying Property will become an indirect wholly-owned subsidiary of the company.
Federal Reserve Properties is mainly engaged in real estate and property services in China. Zhiying Property is mainly engaged in real estate and property management in China.
The directors believe that the acquisition brings investment opportunities to expand the Group's property management services and diversify the Group's property investment portfolio in the above China region. Furthermore, the Group can benefit from the potential long-term appreciation of the properties held by the target group.