Mongolia Investment Group sells civil engineering business for HK$354m
[ET Net News Agency, 17 September 2013] Mongolia Investment Group (00402) said it agreed to sell the entire issued share capital of Rich Path Holdings Limited and all the outstanding indebtedness owing by Rich Path for HK$354 million.
It is expected that, upon completion, an unaudited consolidated loss of about HK$4.86 million will be recognised from the disposal. The consideration will be settled by way of set-off in full against the outstanding principal amount of promissory note in the sum of HK$350 million, together with any interest accruing thereon from time to time under the promissory note.
Rich Path group recorded net losses for the two years ended 31 March 2012 and 2013. The Directors consider that the disposal will enable the Group to realise the relevant assets of Rich Path and reallocate its resources for and direct its focus to concentrate on other core activities in which the Group has competitive advantage and core competencies and improve the financial performance of the Group as a whole.
Rich Path group is principally engaged in provision of maintenance and construction work on civil engineering contracts in respect of waterworks engineering and slope upgrading for public sector in Hong Kong, the provision of water supply services in the PRC and the renovation services in Macau.
It is expected that, upon completion, an unaudited consolidated loss of about HK$4.86 million will be recognised from the disposal. The consideration will be settled by way of set-off in full against the outstanding principal amount of promissory note in the sum of HK$350 million, together with any interest accruing thereon from time to time under the promissory note.
Rich Path group recorded net losses for the two years ended 31 March 2012 and 2013. The Directors consider that the disposal will enable the Group to realise the relevant assets of Rich Path and reallocate its resources for and direct its focus to concentrate on other core activities in which the Group has competitive advantage and core competencies and improve the financial performance of the Group as a whole.
Rich Path group is principally engaged in provision of maintenance and construction work on civil engineering contracts in respect of waterworks engineering and slope upgrading for public sector in Hong Kong, the provision of water supply services in the PRC and the renovation services in Macau.
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