Zhitong Finance App News, An Ning Holdings (00128) announced that the Group operates a club at 10 Xianda Road (club site), Lo Wai, Tsuen Wan, New Territories, Hong Kong, China, and disclosed in the company's previous announcement that the company submitted an application on January 19, 2018 to convert the club site to residential use, and that the company has obtained multiple stages of approval for the reconversion application, including the approval of the Urban Planning Committee and the Chief Executive in conjunction with the Executive Council. The company has begun applying for a land exchange with the Lands Department. As of the date of this announcement, the land exchange process is still ongoing.
As previously disclosed by the company, the board regularly assesses what it believes is the best time to close the club. After considering (including other factors) the financial performance of the club in 2023 and several years before 2023 and the expected costs of continuing to operate the club, the board of directors believes that closing the club is in the best interest of the company and its shareholders. Therefore, the company plans to stop operating the club and commence the closure process after June 15, 2024. The club will notify its members of the club's closure plan shortly after publication of this announcement.