Brief: Colour Life Services Group To Sell Link Joy Holdings

Colour Life Services

26/10/2021 16:24

Oct 26 (Reuters) - Colour Life Services Group Co Ltd
 1778.HK :
    * TO SELL LINK JOY HOLDINGS
    * CONSIDERATION ON SHARE TRANSFER AGREEMENT WAS RMB3.3
BILLION
    * TO SECURE REPAYMENT OF LOAN, COLOUR LIFE UNDERTOOK IN LOAN
AGREEMENT
    * FANTASIA DID NOT REPAY EXTERNAL DEBTS WHEN DUE AND COLOUR
LIFE
FAILED TO REPAY LOAN BY 4 OCT
    * COUNTRY GARDEN PROPERTY SERVICES ENFORCED RIGHT UNDER LOAN
AGREEMENT
    * COUNTRY GARDEN PROPERTY SERVICES REQUESTED COLOUR LIFE TO
UNCONDITIONALLY TRANSFER LINK JOY TO IT
    * LOAN WAS FOR  RMB700 MILLION LENT BY COUNTRY GARDEN
PROPERTY
SERVICES TO  COLOUR LIFE
    * COLOUR LIFE GROUP HAS NOT DEFAULTED ANY OTHER LOAN OR DEBT
DUE
TO ANY OTHER PARTY
    * PARTIES TO SHARE TRANSFER AGREEMENT ARE NEGOTIATING TERMS
OF A
SUPPLEMENTAL AGREEMENT TO TERMINATE IT
    * TRADING IN SHARES OF FANTASIA WILL CONTINUE TO REMAIN
HALTED
    * APPLICATION HAS BEEN MADE TO STOCK EXCHANGE FOR RESUMPTION
OF
TRADING IN SHARES OF COLOUR LIFE ON 27 OCT

Further company coverage:  1778.HK 

 (Reuters.briefs@thomsonreuters.com)