On April 2, GLONGHUI | EPRINT Group (01884.HK) issued an announcement. On March 21, 2024, the buyer (an indirect wholly-owned subsidiary of the company) and the seller signed a purchase agreement. Based on this, the buyer agreed to buy and the seller agreed to sell the property 1 at a cost of HK$9,156,000. Furthermore, on April 2, 2024, the buyer and seller entered into an interim agreement under which the buyer agreed to buy and the seller agreed to sell property 2 at a cost of HK$10,404,000.
Property 1 refers to Unit H4, 3rd Floor, Kwun Tong Industrial Centre Phase IV, 436-446 Kwun Tong Road, Kowloon, Hong Kong. Property 2 refers to Unit J4, 3rd Floor, Kwun Tong Industrial Centre Phase 4, 436-446 Kwun Tong Road, Kowloon, Hong Kong.
The directors believe that the acquisition provides an opportunity for the Group to acquire long-term properties to develop and expand its paper printing and digital printing business. Furthermore, the acquisition reduced the Group's current and future rental expenses and relocation expenses. Furthermore, since the Group currently owns/leases several properties in the same industrial center for production, the directors believe that the acquisition will have a synergy effect with the Group's existing properties and provide flexibility to integrate and plan resources and production facilities to grasp future business needs and market developments.