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Deson Development International Holdings Ltd Announces Disposal Of Equity Interests In Indirect Wholly Owned Subsidiary


Sunday, 3 Feb 2013 05:26pm EST 

Deson Development International Holdings Ltd announced that on February 01, 2013, the Vendor (an indirect wholly-owned subsidiary of the Company) entered into the Equity Interests Purchase Agreement with the Purchaser pursuant to which the Vendor agreed to sell and the Purchaser agreed to purchase the Equity Interests, representing 100% of the equity interests in Megafit Chengdu. On the same date, the Vendor entered into the Shareholder’s Loan Assignment Agreement with the Purchaser pursuant to which the Vendor agreed to sell and the Purchaser agreed to purchase the Shareholder’s Loan. The total consideration for the sale of the Equity Interests and the assignment of the Shareholder’s Loan under the Equity Interests Purchase Agreement and the Shareholder’s Loan Assignment Agreement is RMB56,452,670 (equivalent to approx HKD70,565,838). Completion of the assignment of the Shareholder’s Loan shall take place on the second Business Day after the giving of the notice of the satisfaction or waiver of the last condition to be satisfied or waived as set out above, or any other day as agreed in writing between the Vendor and the Purchaser. Upon completion of the Transaction, the Company will cease to have any interests in Megafit Chengdu and Megafit Chengdu will cease to be a subsidiary of the Company. It is presently intended that the estimated net proceeds from the Transaction of approximately HKD61,000,000 will be used for general working capital purposes. 

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