CONSIDERATION
RMB31,999,013.
The Consideration was arrived at after arm's length negotiations between the parties based on normal commercial terms and by reference to prevailing market prices of industrial-use land in the neighbouring area. No independent valuation has been carried out for the Land.
A deposit of RMB5,000,000 has been paid before the signing of the Agreement. RMB23,543,406.30 will be paid within 10 days of the signing of the Agreement. The balance of RMB3,455,606.70 will be paid within 10 days of the issue of stateowned land use right certificate.
The Acquisition is intended to be funded by internal resources of the Company and its subsidiaries (the “Group”).
CONDITION
The Acquisition is not subject to any condition under the Agreement.
REASONS FOR THE ACQUISITION
The initial plan of the Company at this stage is to construct garment manufacturing facilities in a portion of the Land and the remainder of the Land is intended to be used to accommodate future expansion of the operations of the Group.
The Directors of the Company therefore believe that the Acquisition is fair and reasonable and in the best interest of the Company.
GENERAL
The principal activities of the Group are the manufacture and sale of garments and property investment.
The principal activity of the Vendor is real property construction and consultancy.
The Acquisition is a discloseable transaction for the Company under the Listing Rules. The Company will send to shareholders circular containing details of the Acquisition for their information as soon as practicable.
Crocodile Garments Limited is a member of the Lai Sun Group and was first listed on the Hong Kong Stock Exchange in 1971. It owns several fashion labels and is engaged in the manufacture, retail and wholesale of fashion in Hong Kong and the Mainland of China.
Crocodile Garments Limited
marketing@alchempro.com
