[ET Net News Agency, 21 November 2017] Applied Development (00519) said it was informed
by single largest shareholder Rich Unicorn Holdings Limited, a direct wholly-owned
subsidiary of Fullshare Holdings (00607), that Rich Unicorn agreed to sell about 559.87
million shares in Applied Development to Hongkong Ruihua Investment Management Limited at
HK$442 million.
Upon completion, Rich Unicorn will not hold any shares in Applied Development and will
cease to be the single largest shareholder and Hongkong Ruihua Investment Management will
hold about 22.35% stake in Applied Development and becomes the single largest shareholder.
The completion of the disposal is conditional upon fulfillment of certain conditions
precedent and expected to take place on or before 31 December.
It is estimated that the Fullshare Group will record a loss from the disposal of about
HK$149 million before tax. The net proceeds of about HK$441 million will be applied for
general working capital and potential acquisitions and investments in the healthcare
industry and tourism business as and when opportunities arise. (HL)