Lai Sun International (00191) and Lai Sun Development (00488) jointly announced that on May 14, 2024, the seller (including Kingswood and Bright Jewel, each an indirect wholly-owned subsidiary of Lixin Development) and the buyer Weishan Shipping Pte.Ltd., will sell to the buyer a total of 475,000 common shares of the target company Singapore Guangcheng Co., Ltd. 47.5% of the issued and paid up share capital; and Kingswood and Bright Jewel sold and transferred shareholder loans totaling approximately P$12.66 million to the buyer at a total cost of approximately US$14.7871 million.
According to the sale agreement, the buyer has agreed to grant a put option to Kingswood after completing the transaction and Kingswood's payment of P1 to the buyer. According to this, at any time from the completion date and as long as Kingswood remains a shareholder of the target company, Kingswood has the right to require the buyer to purchase all remaining shares of the target company held by Kingswood from Kingswood in accordance with the sale agreement.