Smart Globe Holdings' (HKG:1481) subsidiary Tera Logistics agreed to purchase two pieces of land adjacent to the border of Zambia and the Democratic Republic of Congo to further develop its logistics business, a Tuesday Hong Kong bourse filing said.
The land pieces, measuring 46.67 hectares and 48.44 hectares, will be acquired from Heng Qu Investment Zambia for $3.5 million. The company plans to establish its own logistics center on the said land.
Tera Logistics also entered into an MOU with Heng Qu Investment Zambia and a private South African company, which is a wholly owned subsidiary of a Chinese stated-owned enterprise. Under the MOU, the parties will explore the potential business cooperation on the two pieces of land, according to the filing.
Separately, Smart Globe has conditionally agreed to issue HK$20.1 million worth of convertible bonds, at the conversion price of HK$1.2 per conversion share, to DCQ Holdings, a British Virgin Islands-incorporated company.
The convertible bonds will mature three years from the date of the issuance and the conversion period will commence 18 months after the issue, the filing said. A total of 16,750,000 conversion shares will be
allotted and issued.
Furthermore, Huge Cheer, an indirect unit of Smart Globe, has agreed to dispose of 20% of its enlarged shares to DCQ Holdings for HK$5.4 million in cash.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.