02102.HK announced that it intends to acquire three properties in Yuen long from controlling shareholders Zhou Lianfa and Zheng Ruwen for 22 million yuan in cash, with a total gross floor area of about 17745 square feet for open-air storage.
According to the company, as warehouse facilities are essential to the Group's business operations, the purchase of these properties will help mitigate the impact of rent fluctuations and effectively reduce the risk of significant disruption to the Group's operations when these tenancy agreements and / or tenancies are terminated. Furthermore, these properties are close to the Group's main place of business, which will facilitate management and reduce the travel time required for staff to work in these properties.
Upon completion, the target company will become an indirect wholly-owned subsidiary of the company and its financial results will be consolidated with the group's consolidated financial statements.