Safety Godown Company Limited (“Safety Godown”) signed a share purchase and shareholders’ agreement on 16 September 2026 to acquire a 30% interest in Green View Holdings Limited (the “Target Company”) and an equivalent portion of an existing shareholder loan for a total consideration of HK$64.93 million. The investment will be executed through wholly owned subsidiary Lu Fortune Venture Company Limited (the “Investor”). After completion, the Sponsor, Double Glory Ventures Limited, will retain 70% of the Target Company while Safety Godown will hold the remaining 30%.

The Target Company indirectly owns five townhouses and 12 car-parking spaces at 41 Chung Hom Kok Road—collectively branded “BELVEDERE”—with approximately 16,000 sq ft of gross floor area and 17,000 sq ft of saleable area. The project plan covers acquisition, renovation, operation, and eventual disposal of the asset. A fixed-price construction contract is to be executed, with the Sponsor overseeing day-to-day project management subject to reserved matters requiring Investor consent.

Payment will be made in three tranches: HK$13.00 million upon signing, HK$45.47 million at completion (target date 30 November 2026), and HK$6.47 million 12 months after completion. Funding will come entirely from internal resources. Concurrently, Safety Godown will place a HK$12.00 million secured deposit at KGI Bank’s Hong Kong branch; both the deposit and the Investor’s 30% equity will be pledged to support existing acquisition financing.

Unaudited management accounts dated 10 September 2026 show the Target Group with total assets of HK$339.30 million, total liabilities of HK$339.10 million—including HK$165.20 million of secured bank loans and HK$168.50 million of shareholder loans—and net assets of HK$0.20 million. Revenue since incorporation stood at HK$0.60 million with net profit of HK$0.20 million.

An asset management agreement was also signed with SCG Capital Partners VI Limited to provide advisory and monitoring services for the project, with fees payable by the Investor.

The board of Safety Godown views the transaction as aligned with its strategy of pursuing value-add real estate opportunities in Hong Kong and believes the governance and exit terms provide appropriate protections for its 30% stake.

Under Hong Kong Listing Rules, the deal is classified as a discloseable transaction because the relevant percentage ratios exceed 5% but are below 25%, triggering notification and announcement requirements without shareholder approval.