Flyway Travel Technology (08069) announced that on March 28, 2024, the company's indirect wholly-owned subsidiary, Awes...
According to the Zhitong Finance App, Feidao Travel Technology (08069) announced that on March 28, 2024, Awesome Management Services Company Limited, an indirect wholly-owned subsidiary of the company, plans to sell 51.0% of the issued share capital of Fengyi & Food International Co., Ltd. to Chen Zhenkang at a cost of HK$8 million. It is anticipated that upon completion, the Group will have an unaudited sale loss of approximately HK$1.3 million.
Considering the recent sluggish climate and uncertain prospects in the Hong Kong restaurant industry, the Board believes that withdrawing from the market through sales matters and investing and allocating the Group's financial and other resources to the Group's other businesses is in the overall interests of the Company and shareholders. Furthermore, after the sale is completed, the Group will no longer incorporate the target company's financial statements into the Group's comprehensive financial statements, and the Board of Directors believes that the sale will mitigate the Group's financial performance.