Hande Holdings Limited agreed to acquire a 70% stake in Hongkong Greater Bay Group Limited from Guangdong - Hong Kong Greater Bay Area Holdings Limited for HKD 33 million.

Hande Holdings Limited agreed to acquire a 70% stake in Hongkong Greater Bay Group Limited from Guangdong - Hong Kong Greater Bay Area Holdings Limited (SEHK:1396) for HKD 33 million on February 16, 2022. Upon completion of the Disposal, GHKGBAHL will hold 30% interest in the Target Company. For period ending December 31, 2021, HKGBGL Loss after taxation was HKD 32.373093 million and net asset value was HKD 46.8 million.

The completion of the Disposal is expected to take place on or before 30 April 2022. The net proceeds from the Disposal of approximately HKD 33 million (after deducting expenses and relevant taxes) is intended to be used for general working capital purpose.