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| Chief Executive Officer and Executive Director Continues to Increase Shareholding |
HONG KONG, June 28, 2016 - (ACN Newswire) - Differ Group Holding Company Limited ("DFH" or the "Group", stock code: 6878.HK), a leading provider of short to medium-term financing and financing-related solutions in the PRC, announced the disposal of entire issued share capital of Differ Pawn for a consideration of RMB65,000,000. Upon completion, the Group will no longer engage in pawn loan business. The Board intends to apply the net sale proceeds of approximately RMB64,740,000 as general working capital.
Mr. Hong Mingxian, Chairman and Executive Director of the Group, said, "The Group has been committed in exploring business opportunities with sustainable growth. Due to the geographical restrictions within the pawn loan industry, profit contributed by the pawn loan business to the Group was declining. The percentage of profit contribution decreased from approximately 10.4% in 2014 to approximately 6.4% in 2015. The Group has been actively transforming its businesses by developing those with big potential since early last year. We believe the proceeds from the disposal will bring more capital to the Group at this desirable amount, enabling us to focus on businesses with higher profitability, such as finance lease and asset management businesses. As the purchaser is experienced in pawn loan business, we believe Differ Pawn will keep enhancing its leading position in the industry. The directors are of the view that the sale and purchase agreement is fair and reasonable and in the best interests of the Group and the shareholders as a whole."
Following by the purchase of 4,000,000 shares via the trading system of The Stock Exchange of Hong Kong Limited in early June, Mr. Ng Chi Chung ("Mr. Ng"), Chief Executive Officer and Executive Director of the Group, purchased more shares recently. Regarding the continual of increasing the Group's shareholding, Mr. Ng said, "I am quite satisfied with the Group's current operations. Since last year, the Group has actively expanding its SME financing services to staple industries. The current progress of finance lease for agricultural drones and long range fisheries are both pleasing. Along with the encouraging progress in distressed asset management business, I am confident in the Group's prospects and growth potential and will continue to increase my shareholding in the Group when appropriate."
Contact:
Strategic Financial Relations Limited
Heidi So +852 2864 4826 heidi.so@sprg.com.hk
Janet Fong +852 2864 4817 janet.fong@sprg.com.hk
Adrianna Lau +852 2114 4987 adrianna.lau@sprg.com.hk
Fax: +852 2804 2789 / +852 2527 1196
Topic: Press release summary
Source: Differ Group Holding Company Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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