China Partytime Culture Holdings (HKG:1532) subsidiary Partytime Group agreed to sell the entire registered capital of Zhejiang Zhongpai Enterprise Management to Zhejiang Bestway Costume & Accessory for 80 million yuan, a Tuesday Hong Kong bourse filing said.
A portion of the proceeds will be allocated towards repaying outstanding borrowings and funding the expansion and enhancement of its manufacturing and production site in Yichun City, Jiangxi Province. The remaining funds will be used for general working capital purposes.
Concurrently, China Partytime has entered into a lease agreement with Zhejiang Bestway to rent certain premises within the Industrial Park in Yiwu City, Zhejiang Province.
The lease term is three years, with monthly rental rates increasing annually from 2.5 million yuan in the first year to 2.7 million yuan in the third year.
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