Legend Holdings (HKG:3396) and its subsidiary Junchuang Financial Group agreed to dispose of a 14.51% stake and a 0.82% interest, respectively, in JC International Finance & Leasing to Sunshine Life for 474.1 million yuan and 26.6 million yuan, a Friday Hong Kong bourse filing said.
On the same day, the purchaser, a subsidiary of Sunshine Insurance Group (HKG:6963), also agreed to subscribe for an additional stake of 24.57% in the target company at the consideration of 802.8 million yuan.
Upon completion, the company will still hold 52.79% equity interest in the target company, which will remain a subsidiary of Legend Holdings.
The proceeds from the disposal and capital increase are intended for the debt repayment of the company and the target company, the general working capital of the group, while a part of it will be used for other investments.
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