EGM approves the acquisition of 100% equity interest of Laihua Taifeng Limited - CHINA GOLDJOY
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EGM approves the acquisition of 100% equity interest of Laihua Taifeng Limited

An Extraordinary General Meeting (the “EGM”) of China Goldjoy Group Limited (the “Company” and together with its subsidiaries, the “Group”) was successfully held in Lippo Centre, No. 89 Queensway, Hong Kong on 30 May 2018. The meeting was chaired by Mr. Li Minbin, an Executive Director of the Company. Mr. Lee Kwan Hung and Professor Lee Kwok On, Matthew, the Independent Non-Executive Directors, attended the EGM and responded to the questions raised by investors.

 

 

The ordinary resolution relates to the approving, confirming and ratifying the Sale and Purchase Agreement dated 23 April 2018 and all the transactions contemplated thereunder, entered into between Laihua Taisheng Limited ( the “Purchaser”), an indirect wholly-owned subsidiary of the Company, and Lai Hua Properties and Investment Limited (the “Vendor”), pursuant to which the Purchaser agreed to acquire 100% of the equity interest in Laihua Taifeng Limited (the “Target Company”) from the Vendor at a total consideration of RMB 660,000,000. The above resolution was duly passed as an ordinary resolution with 99.86% of the votes casted in favour of it.


The Target Company holds a property development project in the name of Taigu Plaza, in Zhangjiang New District, Ganzhou City, Jiangxi Province of PRC with a site area of approximately 51,950 sqm, of which the saleable area is approximately 239,646 sqm. The Target Company intends to hold the land construction area of approximately 22,727 sqm for commercial use, approximately 29,669 sqm for hotel use and the remaining part of the land under the Project will be for sale or leased out.

 

 

The Group has pursued diversified strategies and adopted property development and investments as one of the principal business activities in recent year. The Group previously completed a property development project in the name of Century Plaza in the same city. Together with the acquisitions, the Group will benefit from the economies of scale and synergy effects in developing and managing both projects in the same city.

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