Brilliant Circle Holdings International Limited (SEHK:1008) entered into a disposal agreement to sell CT Printing Limited for approximately HKD 110 million in cash on December 22, 2014. Consideration of HKD 21 million shall be paid on or before February 28, 2015, HKD 48 million shall be paid on or before December 31, 2015, HKD 10 shall be paid on or before December 31, 2016 and balance HKD 30 million shall be paid on or before December 31, 2017. Upon completion, CT Printing Limited will cease to be a subsidiary of Brilliant Circle Holdings International.

CT Printing Limited reported revenue of HKD 209.67 million, net profit before taxation of HKD 9.8 million and net profit after tax of HKD 7.36 million for the year ended December 31, 2013. The disposal is conditional upon all necessary consents and approvals being obtained by Brilliant Circle Holdings International and the purchaser. If the above condition precedents are not fulfilled on or before December 29, 2014 or such later date as may be agreed between by the parties, the agreement will be terminated. Transaction is expected to be completed December 31, 2014. The net proceeds from the disposal will be used for the general working capital of the Group for its cigarette printing business.

Brilliant Circle Holdings International Limited (SEHK:1008) completed the sale of CT Printing Limited in January 2015.