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HONG KONG, Oct 15, 2012 - (ACN Newswire) - ADDCHANCE HOLDINGS LIMITED ("Addchance", together with its subsidiaries, the "Group", HKSE: 3344), a leading textiles and garment manufacturer in Asia, announces that the ordinary resolution of the Operation Rights Transfer Agreement of the land situated in Luoding City, Guangdong Province, the PRC was duly passed by way of poll in the extraordinary general meeting which held on October 12, 2012.
The consideration for the transfer of the operation rights is HKD554,321,000 or an equivalent amount in RMB and shall be payable in cash by six installments between 2012 and 2016. The consideration was determined after arm's length negotiations between the parties to the operation rights transfer agreement with reference to the valuation quote of approximately HKD550 million as at 30September 2011 by way of a direct comparison approach provided by Vigers Appraisal & Consulting Limited, an independent valuer. The Group has received the whole amount HKD92,386,835 of the first installment on September 20, 2012.
Dr. SUNG Chung Kwun, Honorary Chairman of the Group, said, "The passing of the resolution of the Operational Right Transfer Agreement enables stable cash income to the Group. The Group intends to apply the raised net proceeds as our working capital. When our world's leading and large scale customers have been tightening up the international standards for Energy-saving and Emission-reduction to their sweater manufacturers, we are confident that the commencement of operation of our "Green Factory" in Cambodia by end of 2012 will further enhance the Group's competitive advantages on quality, environmental protection and production technology and to further improve the gross profit margin on our way to become Asia's leading and a world class textiles and garment manufacturer."
Contact:
LBS Communications Consulting Limited
Xi Zhang / Stacy Zhang
Tel: +852 3752 0432
Fax: +852 3753 2899
Email: scheung@lbs-comm.com / szhang@lbs-comm.com
Topic: General Announcement
Source: Addchance Holding Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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