Nanfang Communication Terminates Disposal of Shareholding in Associate

MT Newswires Live

Jan 27, 2025

Nanfang Communication Holdings (HKG:1617) said a formal sale and purchase agreement between its subsidiary Pacific Smart Development as the seller and Vantone Neo Development Group (SHA:600246) as the buyer, was terminated on Friday, a Monday Hong Kong bourse filing said.

Pacific Smart had agreed to sell 8,235,293 class A preferred shares or 4% shareholding of Source Photonics Holdings to Vantone Neo Development Group for $21.6 million on June 28, 2024. The agreement was supplemented thrice.

The company was also informed that the sale and purchase agreement for the sale of another 115,518,410 shares, or 56.15% of the target company's shareholding by its 11 other shareholders to the buyer was also terminated on the same day.

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