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Tongfang Kontafarma Unit Seeks Damages from Alleged Breach of Fitness Brand Investment Deal

MT Newswires ·  {{timeTz}}

06:16 AM EDT, 03/28/2022 (MT Newswires) -- Tongfang Kontafarma Holdings (HKG:1312) subsidiary Fester Global filed a case against Active Gains Universal to seek damages over an alleged shortfall in the guaranteed profits of a fitness brand investment deal.

Fester is claiming damages from Active Gains for breach of their shareholders' agreement and compensation worth $13.4 million, according to a late Friday disclosure.

In May 2017, Fester Global struck a deal to invest $36.7 million in Active Gains' TFKT True Holdings, owner of the fitness and yoga brands True Fitness and True Yoga, in exchange for a 51% stake.

However, Active Gains failed to compensate the company over a shortfall in the guaranteed profits of TFKT despite several demands.

Price (HKD): $0.05, Change: $0.00, Percent Change: -1.92%

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