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China Great Land Holdings Ltd Updates On The Proposed Disposal Of 80% Of Issued And Paid Up Ordinary Shares In Share Capital Of Sanya Pearl River Pile Co., Ltd


Wednesday, 12 Jun 2013 07:56am EDT 

China Great Land Holdings Ltd announced that with reference to the earlier announcements no definitive agreement has been entered to in respect of the Proposed Joint Venture and that the Company has, on June 12 2013, entered into a conditional sale and purchase agreement with Sanya Wan Jia for the proposed disposal by the Company of its shareholding interest of 16,000,000 ordinary shares out of its entire direct shareholding interest of 19,250,000 ordinary shares in Sanya Pearl River (96.25% of the share capital of Sanya Pearl River). The Proposed Disposal will consist of two tranches, with 10,200,000 ordinary shares (51% of the share capital of Sanya Pearl River) to be transferred on June 30, 2013 and 5,800,000 ordinary shares (29% of the share capital of Sanya Pearl River) to be transferred in June 2014. The Proposed Disposal will be effected (via the disposal of the Sale Shares in two tranches) for a total sum of RMB50 million. Upon completion of the Proposed Disposal in accordance with the SPA, Sanya Pearl River will cease to be a subsidiary of the Company. 

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15 Oct 2014