On April 17, 2023, Star Agricultural Machinery(603789.SH) announced that the fourth board of directors' 16th meeting was held, and the proposal for selling idle assets was passed. It was agreed to sell the land use rights and buildings located in Nanxun District and Fuzhen and Fucun, Xinsheng Village (No. 2016-6 land) of Huzhou City to the People's Government of Nanxun District and Fuzhen, Huzhou (hereinafter referred to as 'Fuzhe Town People's Government') (and its designated platform company), with a trading price range of 0.11 billion yuan to 0.135 billion yuan. The board of directors agreed and authorized the company's management to handle the relevant follow-up matters of the transaction (including but not limited to signing relevant agreements, delivering payments, handling transfer procedures, etc.).
On the same day, the company signed an 'Asset Acquisition Intention Agreement' with the People's Government of Fuzhe Town (hereinafter referred to as the 'Intention Agreement'). The target assets of this transaction are divided into built and unbuilt land (a total of 100 mu), and according to the on-site situation and future use arrangements, the 100 mu of land is divided into 40.80 mu of built land and 59.20 mu of unbuilt land for delivery and transaction. Among them, the 40.80 mu of built land and buildings are traded by the government platform company designated by the People's Government of Fuzhe Town, and the 59.20 mu of unbuilt land is repurchased by the People's Government of Fuzhe Town.
Recently, the transfer registration procedures for the 40.8 mu of built land and buildings have been completed, and the company has received the remaining transfer price of 55.6278 million yuan paid by Shuangfu Construction. The company's asset sale has been completed. As of the date of this announcement, the transfer of land use rights and buildings for the 100 mu of land mentioned in the Intention Agreement has been completed.