KINGKEY GROUP CO., LTD. signed a letter of intent to acquire 29.12% stake in Yang Guang Co.,Ltd. (SZSE : 000608) from Eternal Prosperity Development Pte. Ltd. for CNY 1.4 billion.
April 27, 2020
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KINGKEY GROUP CO., LTD. signed a letter of intent to acquire 29.12% stake in Yang Guang Co.,Ltd. (SZSE:000608) from Eternal Prosperity Development Pte. Ltd. for CNY 1.4 billion on April 20, 2020. KINGKEY GROUP CO., LTD. signed an agreement to acquire 29.12% stake in Yang Guang Co.,Ltd. from Eternal Prosperity Development Pte. Ltd. for CNY 1.4 billion on April 28, 2020. Under the terms, the first installment of CNY 1 billion will be paid to Eternal Prosperity and the remaining will be paid within 30 days of completion of transfer procedures. KINGKEY will own 218.4 million shares post the completion of the transaction. The transaction is subject to regulatory approval. The transaction has been approved by the Board and shareholders of KINGKEY on April 20, 2020.
YANG GUANG CO., LTD. is a China-based company principally engaged in the development of residential real estate and the leasing of properties. The Company's principal products include the community commercial properties under the brand of Life, the regional shopping centers under the brand of iShineCity, as well as the city comprehensive properties under the brand of YangguangCenter. The Company mainly operates its investment real estate in Beijing, Tianjin and Shanghai, as well as some second-tier cities.
KINGKEY GROUP CO., LTD. signed a letter of intent to acquire 29.12% stake in Yang Guang Co.,Ltd. (SZSE : 000608) from Eternal Prosperity Development Pte. Ltd. for CNY 1.4 billion.