Telecom Digital (06033): Security Company and Zhang Gongguan Western Restaurant Sign Surrender Agreement for Kowloon Kwun Tong Property

Stock News
Feb 03

Telecom Digital Holdings (06033) announced details regarding the lease of a property by its security subsidiary to the Sun Asia Group, which specifies the terms and conditions of the lease agreement, effective until March 31, 2026. On February 3, 2026, the security company and Zhang Gongguan Western Restaurant entered into a surrender agreement concerning the early termination of the lease for the specified property (4th Floor, Telecom Digital Building, 58 Chun Yip Street, Kwun Tong, Kowloon). Pursuant to the terms and conditions of the surrender agreement, Zhang Gongguan Western Restaurant has agreed to vacate and return the property to the security company on February 15, 2026, thereby fully concluding and terminating the original lease agreement and mutually releasing all parties from their respective obligations and liabilities. Zhang Gongguan Western Restaurant is currently facing multiple operational challenges in the prevailing business environment and has consequently decided to cease its operations and proposed the termination of its lease agreement with the security company. The terms of the surrender agreement were established through arm's length negotiations and are considered standard commercial terms. The Board of Directors, excluding the Zhang brothers who have a material interest in the surrender agreement and abstained from the relevant board resolution due to a conflict of interest, including the independent non-executive directors, considers the terms of the surrender agreement to be fair and reasonable, executed in the ordinary course of the Group's business, and in the overall interests of the Company and its shareholders.

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