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Chu Kong Ship sees RMB32.734 million gain for disposal
16 Apr 2018
(Infocast News) On 16 April 2018, Chu Kong Ship(00560) said that the Company entered into the Dawang Cargo Terminals Agreement and the
Dawang Logistics Agreement with CKSE, pursuant to which, the Company agreed to transfer the Dawang Cargo Terminals Interest for a consideration of RMB 26.293 million ,000 (equivalent to approximately HK$32.866 million) and the Dawang Logistics Interest for a consideration of RMB 46.206 million (equivalent to approximately HK$57.758 million ), respectively, to CKSE, in total amounted to RMB72.499 million (equivalent to approximately HK$90.624 million). Upon Completion, Dawang Cargo Terminals and Dawang Logistics shall cease to be subsidiaries of the Company.

As at the date of this announcement, CKSE is the controlling shareholder of the Company, holding approximately 68.0% of the total issued share capital of the Company.

For illustrative purpose, based on the Company’s carrying value of the Dawang Cargo Terminal Interest and Dawang Logistics Interest as at 30 September 2017 of approximately RMB37.815 million and the Consideration, it is estimated that the Group will record a gain on the Equity Transfer of approximately RMB32.734 million net of estimated transaction expenses and taxation.

(SY)
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