Brief: Kuangchi Science enters sale and purchase agreement with Glory Wing

Genesis Scale Holdings

26/10/2016 15:49

Oct 26 (Reuters) - Kuangchi Science Ltd  0439.HK  
    * Glory wing has agreed to acquire sale shares 
    * Kuangchi Science, as vendor, entered into sale and 
purchase agreement with Glory Wing, as purchaser 
    * Upon completion, kuangchi science expects to record an 
accounting gain on disposal of approximately hk$0.5 million 
    * Sale and purchase agreement with glory wing for 
consideration of hk$12mln 
    * Net proceeds from disposal and assignment of loans after 
deducting related transaction costs and expenses are estimated 
to be hk$31 million 
    * Kuangchi science and new able also entered into assignment 
agreements to assign loans due from disposal group for 
consideration of hk$19 million 
 
Source text for Eikon:  ID:nHKS211xnW  
Further company coverage:  0439.HK  
 
 ((Bangalore.newsroom@thomsonreuters.com ;))