Topsearch International (02323) said it agreed to sell 30% equity interest in Topsearch Printed Circuits (Shenzhen) Ltd for Rmb170 million to China Step Real Estate Investment Co., Ltd (Huatuo).
As part of the disposal, Huatuo will transfer 30% equity interest of Topsearch Sky, a wholly-owned subsidiary of Topsearch Printed Circuits, to Topsearch for Rmb63 million.
The group will receive net proceeds of about HK$188 million and a gain of about HK$135 from the disposal. The net proceeds will be applied for reducing the borrowings of the Group and as funding for general working capital purpose.
Topsearch Printed Circuits owns a property located at the plot to the west of Dongliyuan Road and to the east of Shekou Gong Ye Da Dao and the building erected thereat. Huatuo owns a property located at Shekou Gong Ye Da Dao, Nanshan District of Shenzhen and the properties numbered from 1 to 14 erected thereat, in Shekou Industiral Zone, Nanshan District, Shenzhen.
Trading in shares of Topsearch will be resumed this morning.
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