Top Spring (03688) said Xiangkang Information, a wholly-owned subsidiary of the company, had agreed to purchase 63.75% equity interest in Bo Jian Di from Rong Zhuo at RMB154.56 million.
As at 13 July 2018, Rong Zhuo and Xiangkang Information held 63.75% and 36.25% stakes of Bo Jian Di respectively.
After completion of the acquisition, Bo Jian Di will become a wholly-owned subsidiary of the company and the financial results of Bo Jian Di and its subsidiary will be consolidated into the financial statements of the group.
Bo Jian Di is a limited liability company established in Shenzhen and is principally engaged in investment holding in the PRC. It holds 100% equity interest in Shenzhen Zhong Yi Ming Hao Real Estate Development.
The company will therefore have complete control over Bo Jian Di and Zhong Yi Ming Hao after the acquisition, which can maximise its autonomy to manage their operations and enhance the profit return of the property development project.
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