Japan KYOEI (00627) announced that on June 13, 2024, its wholly-owned subsidiary River Moder Limited plans to acquire all the equity of River Bar Limited from Speed Sword Limited for HKD 400 million.
It is reported that the target company is the legal and beneficial owner of all the issued shares of the target subsidiary. As of the date of this announcement, the target subsidiary is the legal and beneficial owner of the property and is in the process of acquiring the remaining property.
The property and remaining property are both located in Kosuge, Narita City, Japan. The total land area of the property and remaining property is approximately 68,317.44 square meters. The property and remaining property are vacant residential land and are intended for development as hotel lodging.
The announcement stated that the Group has extensive experience in developing residential and commercial properties, and plans to develop the property and the remaining property for hotel lodging purposes, which will become a long-term and stable source of income for the Group. Investing in lodging business can also diversify the Group's sources of income and enhance its core competitiveness.