Gelonghui, May 21, 丨 Aobo Holdings (00880.HK) announced that on May 21, 2024, the buyer (a subsidiary of the company) entered into a transfer agreement. According to this, (i) the seller agreed to sell and the buyer agreed to purchase all of the shares of the target company (NYH Europe and NYH Italy), (ii) New Yaohan agreed to transfer and SJM Investment agreed to take shareholders' loans. The total cost was MOP 32,420,658, and (iii) all accounts receivable and payable from the target company's business operations starting January 31, 2024 It will be up to the buyer Possession and responsibility.
According to the settlement agreement, the shareholders' loan price of MOP 32,370,658 will be paid by offsetting the NYH's (current and future) total trade receivables owed by NYH. The remaining MOP 50,000 of the total cost will be paid in cash. SJM Investment will also use the same offsetting mechanism as described above to repay New Yaohan's operating expenses advanced by New Yaohan for the two target companies after January 31, 2024, with a maximum limit of MOP 1,000,000 for each target company.
NYH Europe and NYH Italy were both established in 2021 and are mainly engaged in the management and operation of catering services, including the operation of restaurants currently being developed within the New Yaohan Department Store in Upper Lisboa. In line with Australia Entertainment's comprehensive commitment to non-gaming investments, the directors believe that entering into a transfer agreement and settlement agreement is beneficial to the company and shareholders as a whole and can bring the following benefits to the company: (a) as part of the company's leading edge in the catering industry for mass market and overseas promotion strategies, the acquisition helps the Group optimize the catering portfolio provided by Grand Lisboa within a manageable range and attract the Group's target customers, so as to further target the mass market and include more diverse international restaurants and cafés; and (b) the acquisition will greatly enhance the Group's many aspects Flexibility and control, including opening, pricing, cost allocation, marketing strategy, positioning and brand building of its catering business, to better target its customers and consolidate control over the operation and development of developed Chinese restaurants owned by target companies, it is expected that all of these restaurants will bring higher traffic to gaming and other non-gaming facilities in Shanghai.