Glory Sun Land Group Trims Stake in Subsidiary, Settles All Payments Owed for 2018 Corporate Bonds

MT Newswires Live

Nov 22, 2024

Glory Sun Land Group's (HKG:0299) subsidiary Shenzhen Hong Jia Xin Technology further disposed 42.33% of the total equity interest and actual paid-up registered capital of Shantou Taisheng Technology to Renze Harvest International's subsidiary Shenzhen Baokai Investment for 975.7 million yuan, a Friday Hong Kong bourse filing said.

Upon completion, the company now owns 6.67% shareholding in Shantou Taisheng Technology while Renze Harvest International holds the remaining 93.33%.

The company also procured its subsidiaries Shenzhen Chixu and Shanghai Baoyi to transfer the entire equity interests held by them in certain other subsidiaries to YEIG International to partially settle the amount owed under the HK$500 million corporate bonds issued by the company to Yunnan International on May 21, 2018.

The disposed subsidiaries include Shenzhen Virdom Education Investments, Shenzhen Hongguanghao Industrial, and Shenzhen Baoxin Trading, and these will cease to be subsidiaries of the company upon the completion of the transaction.

The company has also settled the remaining outstanding amount of the said bonds.

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