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    55   BMG6433R1319

NEWAY GROUP HOLDINGS LIMITED

(55)
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An unknown private investment fund entered into the provisional Agreement to acquire Profit Link Investment Limited from Neway Group Holdings Limited (SEHK:55) for approximately HKD 230 million.

10/21/2021 EST

An unknown private investment fund entered into the provisional Agreement to acquire Profit Link Investment Limited from Neway Group Holdings Limited (SEHK:55) for approximately HKD 230 million on October 21, 2021. As part of consideration, an initial deposit of HKD 11.55 million was paid by fund to Neway Group (seller) on the date of Provisional Agreement. A further deposit of HKD 11.55 million shall be paid by purchaser upon signing of formal agreement or satisfaction of Shareholder general meeting approval condition whichever is earlier. The balance HKD 207.9 Million shall be payable by purchase on the completion date. The unaudited total assets and net asset value of Profit Link Investment as at June 30, 2021 were HKD 289.4 million and HKD 209.8 million respectively. The transaction is subject to approval of shareholders of Neway Group Holdings Limited, buyer has full power to enter into provisional agreement, warranties of buyer are true and accurate. Neway Group Holdings and buyer shall attempt to enter into the Formal Agreement on or before November 1, 2021. The expected completion date is January 28, 2022. The net proceeds from the Disposal is estimated to be approximately HKD 227.7 million, which will be used by the Group as to approximately 45% for general working capital and/or as pledged deposit for the banking facilities of the subsidiaries of the Company; as to approximately 20% for acquisition of machinery or renovation of the Group?s factory situated in the PRC for the manufacturing and sale of printing products; as to approximately 20% for acquisition of new property for investment; and as to approximately 15% for development of the land situated in Qingyuan city of the PRC.


ę S&P Capital IQ 2021
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Financials
Sales 2020 533 M 68,3 M 68,3 M
Net income 2020 -87,2 M -11,2 M -11,2 M
Net cash 2020 102 M 13,0 M 13,0 M
P/E ratio 2020 -1,08x
Yield 2020 -
Capitalization 105 M 13,5 M 13,5 M
EV / Sales 2019 -0,12x
EV / Sales 2020 -0,01x
Nbr of Employees 1 350
Free-Float 76,7%
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Managers and Directors
Chai Hong Suek Chief Executive Officer & Executive Director
Ka Lun Suek Chairman
Gun Pui Chu Independent Non-Executive Director
Kwok Wan Lee Independent Non-Executive Director
Sai Wo Lai Independent Non-Executive Director
Sector and Competitors