Brief: Wang On Group and Wang On Properties Announces Deemed Disposal And Formation Of JV

Wang On Properties

23/09/2021 23:36

Sept 24 (Reuters) - Wang On Group Ltd  1222.HK :
    * ANNOUNCES DEEMED DISPOSAL AND FORMATION OF A JOINT VENTURE
    * TREASURE FOUNTAIN & CRYSTAL CASTLE VENTURES ENTERED
SUBSCRIPTION
AGREEMENT & SHAREHOLDERS’ AGREEMENT WITH JUMBO HOLDING (BVI)
L.P.
    * JV PARTNER SHALL ADVANCE SHAREHOLDER'S LOANS TO JV CO OF
ABOUT
HK$119.24 MILLION ON DATE OF, BUT PRIOR TO, TENDER COMPLETION
    * AS AT DATE OF SHAREHOLDERS' AGREEMENT, TREASURE FOUNTAIN
HAS
ALREADY ADVANCED SHAREHOLDER'S LOANS TO JV CO OF ABOUT HK$58.5
MILLION
    * ON DATE OF, BUT PRIOR TO, TENDER COMPLETION, TREASURE
FOUNTAIN
SHALL ADVANCE ADDITIONAL SHAREHOLDER'S LOANS TO JV CO OF HK$60.8
MILLION
    * IN RESPECT OF SUBSCRIPTION, WOP GROUP'S INTEREST IN JV CO
WOULD
DECREASE FROM 100% TO 50%
    * JV CO AGREED TO ALLOT AND ISSUE TO JV PARTNER, ONE SHARE
IN JV
CO, REPRESENTING 50%

Source text for Eikon:  ID:nHKS2QTTkb 
Further company coverage:  1222.HK 

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