FANTASIA (01777) announced an update regarding a dispute involving shares of a subsidiary. The company received a notice from Oasis Capital Asia Limited (Oasis), claiming to act as the financial advisor for an entity related to TFISF. The notice stated an intention to exercise rights through an auction process managed by Oasis to sell up to 29.9% of the total issued shares of COLOUR LIFE (01778), a subsidiary of FANTASIA.

As disclosed in the 2021 announcement, TFISF asserts that it holds 780 million shares of COLOUR LIFE (approximately 41.95% of the total issued shares as of the announcement date) as collateral for alleged debts owed to TFISF. FANTASIA maintains that the alleged debts are not secured by COLOUR LIFE shares and has formally opposed any auction process for these shares in writing to both TFISF and Oasis.

The company is seeking legal advice to protect its legitimate rights against unauthorized attempts to enforce the purported security rights. FANTASIA will issue further announcements as necessary to inform shareholders and investors of any significant developments.