Mexan's (HKG:0022) subsidiary Winland Building Materials acquired 49% of the equity interest in Winland Firmstone from Result Best for HK$2.00.
The consideration of HK$2.00 was because of a compulsory sale triggered by the occurrence of a termination event after the completion of tranche 1 and before the completion of tranche 2, a Friday Hong Kong bourse filing said.
The parties had entered into a sale and purchase agreement regarding the transfer of the entire issued share capital of the target company and agreed to do so in two tranches.
The purchaser purchased 51% of the issued share capital of the target on April 8, 2022, along with taking over 51% of the loans owed by the target company to the vendor.
After the completion, the target has become a wholly-owned subsidiary of the company.
Shares of the company closed nearly 8% higher on Monday.
Price (HKD): $0.07, Change: $+0.0050, Percent Change: +7.69%
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