Forebase International (02310) said it agreed to acquire the entire equity interest in Best Dollar International Limited at HK$10 million.
Best Dollar is the sole ultimate beneficial owner of the entire registered capital of Zhaotong Taiyang Property Development, which is the holder of the land use right of a land located at Phase Two, Tao Yuan Community, Taiping Jiedao Office, Zhaoyang District, Zhao Tong, Yunnan Province with a site area of about 56,611.9 square metres. The land is designated as to about 13,333 square metres for other commercial service use and as to about 43,278.9 square metres for residential use. The total maximum gross floor area permitted to be constructed on the land is about 284,685 square metres.
It is proposed that the land will be developed into a hotel and residential composite which is in line with Forebase's growth strategies and will benefit from its core management expertise.
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