Summary by Moomoo AI
c zenith chem announced on September 26, 2024, that its indirectly wholly-owned subsidiary Penglai Investment Limited, together with co-buyers Mr. Chen Hangsheng and Ms. Yang Yufeng, and agent Likagok Real Estate Limited, signed a provisional sale and purchase agreement agreeing to sell a property in Repulse Bay, Hong Kong for 72 million Hong Kong dollars. The property was purchased in 2008 for investment purposes, including a duplex unit and two parking spaces. The sale constitutes a major trade under the Listing Rules and requires approval at a special general meeting of shareholders. The company believes that this move will help realize the property value in the current market conditions and the proceeds will be used to repay loans and increase operating funds. Shareholders are expected to receive a circular before October 18, 2024, with the date of the special general meeting yet to be determined.
