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%