Wang On Group's (HKG:1222) subsidiary Wang On Commercial Management agreed to sell the entire issued share capital it holds in Regal Smart Investment to Gain Bravery, a subsidiary of China Agri-Products Exchange (HKG:0149) for HK$150 million, a Friday Hong Kong bourse filing said.
The consideration also involves assignments of an interest-free loan owed by the target company to the vendor with the principal amount of HK$28.8 million as of Sept. 30, and certain owned and leased properties by the vendor to the purchaser.
The purchaser will source the purchase with the internal resources of its group.
The target company will become a non-wholly owned subsidiary of the company.
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