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C Y Foundation Group Ltd Enters Into Disposal Agreement


Wednesday, 17 Jul 2013 04:26am EDT 

C Y Foundation Group Ltd announced that on June 18, 2013, the Company entered into the Disposal Agreement pursuant to which the Purchaser has conditionally agreed to acquire and the Company has conditionally agreed to sell the Sale Share at a cash consideration of RMB110 million (equivalent to approx HKD137.5 million). The Sale Share, representing the entire issued share capital of the Disposed Company. The assets of the Disposed Group are the Properties. Upon Completion, the Disposed Group will cease to be the subsidiaries of the Company and its financial results will no longer be consolidated in the Group’ s financial statements. The Consideration of RMB110 million (equivalent to approx HKD137.5 million) shall be satisfied in cash by the Purchaser to the Company in the following manner: as to RMB24 million (equivalent to approx HKD30 million) having been paid by the Purchaser as Prepayment pursuant to the terms of the LOI; as to RMB31 million (equivalent to approx HKD38.8 million) having been paid by the Purchaser within three days after the date of the Disposal Agreement as further Prepayment; as to RMB50 million (equivalent to approx HKD62.5 million) upon Completion; and as to the remaining RMB5 million (equivalent to approximately HKD6.2 million) within six months after the Completion Date or upon the changes of all legal representatives of the PRC Subsidiaries becoming effective, whichever is earlier. Completion shall take place on the Completion Date. 

Company Quote

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24 Jul 2014