Coastal Homes (01124) issued an announcement. On March 27, 2024, Fengying Global Investment Co., Ltd. (seller), a wholly-owned subsidiary of the company, entered into a share transfer agreement with Mr. Liang Xiaodong (buyer) as the buyer. The seller has conditionally agreed to sell, and the buyer has agreed to acquire the total number of issued shares of Kai Fung Development Co., Ltd. (sale company) at a total cost of HK$10,000 in accordance with the terms of the share transfer agreement.
The selling company is mainly engaged in investment holding, and its subsidiaries are mainly engaged in property development and investment holding. The sale must be approved by the company's shareholders before it is completed. After the sale is completed, the company will no longer have any interest in the selling company, and the selling company will no longer be a subsidiary of the company.