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Realord Group to Sell 75% Stake in Sincere to Affiliate
realord group plans to sell 75% equity of Sasa for about 0.388 billion Hong Kong dollars.
realord group (01196) announced that on November 1, 2024, the company entered into an agreement with Merrill Holdings, under which the company plans to sell 75% of the issued shares of Sincere Limited to Merrill Holdings for approximately 0.388 billion Hong Kong dollars. This amount is to be paid by Merrill Holdings by offsetting part of the shareholder loan owed to Merrill Holdings through an equalization basis. Considering Sincere Group's continued losses and the unfavorable short-term outlook in the Hong Kong retail market, the board of directors believes that Sincere Group's poor performance may continue to have a negative impact on the group's financial condition. In order to reduce the market uncertainty of the department store business.
Realord Group (01196.HK) transfers 75% of its shares in Sinopharm (00244.HK) to major shareholders, with sales nearly reaching 0.39 billion yuan.
Realord Group (01196.HK) announced that it will sell all 75% of its stake in City Super (00244.HK) to its controlling shareholder, Marylin Holdings, for a total price of approximately 0.388 billion yuan. The payment will be made through the settlement of shareholder loans owed by the company. The transaction involves around 0.985 billion shares, with a price per share equivalent to 0.3935 yuan, representing a premium of 59.31% over the previous City Super trading price.
Sinopharm (00244.HK): Merrill Lynch intends to purchase a total of 0.985 billion shares of the company.
On November 1, GeLongHui announced that the board of directors received a notification from the company's controlling shareholder, Realord Group Holding Limited (hereinafter "Realord"), whose shares are listed on the Stock Exchange of Hong Kong with stock code 1196, that on November 1, 2024, Realord and Merrill Holdings Limited ("Merrill Holdings") entered into a sale and purchase agreement, under which Realord conditionally agreed to sell, and Merrill Holdings conditionally agreed to purchase, a total of 985,471,362 shares of the company, representing 75% of the total number of shares issued by the company as of the date of this announcement, for a consideration of 387,782,98.
Tourism Board: The number of visitors to Hong Kong in September increased by about 10% year-on-year, with a nearly 40% year-on-year increase in the first three quarters accumulated.
According to the Tourism Board, the number of visitors to Hong Kong in September is close to 3.1 million, an increase of about 10% year-on-year, with approximately half of them being overnight visitors. In the first three quarters of this year, the number of visitors to Hong Kong has increased by nearly 40% year-on-year, with mainland and non-mainland visitors to Hong Kong seeing respective increases of 35% and 59% year-on-year.
EPD: The adaptation period for the new law on regulating disposable plastics will expire on the 21st of this month.
The Environmental Protection Department announced that the 6-month adaptation period for the new legislation on single-use plastics will end in two weeks (October 21), reminding all relevant businesses to make preparations for the end of the adaptation period. A spokesperson for the Environmental Protection Agency stated that during the approximately 5-month adaptation period, the new legislation has successfully sparked a trend of "waste reduction" across all sectors. The dining industry has reflected that many takeaway customers have gradually become accustomed to bringing their own reusable tableware. Chain restaurants have indicated that about 80% of customers have chosen not to use takeaway utensils, with approximately 30% of restaurants no longer providing any takeaway utensils. In the retail and service sectors, property management companies have stated that the majority of residents have become accustomed to using umbrellas to remove water.
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