Kingboard Holdings Limited cancelled acquisition of OTB purchase agreement to acquire Above Top Limited Assets from Hallgain Management Limited.

Kingboard Holdings Limited (SEHK:148) entered into the OTB purchase agreement to acquire Above Top Limited Assets from Hallgain Management Limited for approximately HKD 910 million on January 8, 2019. The Board intends to finance the consideration by the Group’s internal resources. As at December 31, 2018, Above Top Limited Assets reported net asset value of approximately HKD 850 million, profit after tax of HKD 9.45 million and profit before tax of HKD 11.52 million. The OTB purchase agreement is subject completion of due diligence on the business, financial, legal, environmental, taxation or other aspects and other customary closing conditions. If any of the conditions has not been fulfilled on or before June 30, 2019 or such other date as the parties may agree in writing), the OTB Purchase Agreement shall terminate with effect from that date. Kingboard Holdings Limited (SEHK:148) cancelled acquisition of OTB purchase agreement to acquire Above Top Limited Assets from Hallgain Management Limited on January 8, 2020.