Future Development Holdings (01259) issued an announcement. On November 20, 2024, the company (as the seller) and the buyer...
Zhitong Finance App News, Future Development Holdings (01259) issued an announcement. On November 20, 2024, the company (as the seller) entered into a sales agreement with the buyer German Auto Parts Co., Ltd. According to this, the company agreed to sell and the buyer agreed to purchase shares for sale (all issued share capital of Apex Magic International Limited) and sales loans at a cost of HK$27 million.
According to the announcement, the Group purchased all issued share capital of the target company by an independent third party on April 27, 2017. At the time of the acquisition in April 2017, the Group anticipated that property prices in Yuen Long would continue to rise in the near future, and was optimistic about the development of the Hong Kong property market due to supply shortages, so it looked for potential property investment and development opportunities in Hong Kong. The company intends to demolish such properties built on such plots and redevelop such plots. However, considering that the Group has held such plots for over 7 years; and that the prices of such plots have dropped drastically since the Group acquired them in 2017, the directors believe that now is the right time to sell these plots in order to improve the company's liquidity.
