Shenzhen City Tangjia Kitchen Appliances Company Limited entered into a sale and purchase agreement to acquire Shenzhen Shi Er Ju Quan Wu Ding Zhi Company Limited from China Kunda Technology Holdings Limited for CNY 2 million.

Shenzhen City Tangjia Kitchen Appliances Company Limited entered into a sale and purchase agreement to acquire Shenzhen Shi Er Ju Quan Wu Ding Zhi Company Limited from China Kunda Technology Holdings Limited (Catalist:GU5) for CNY 2 million on March 14, 2022. The Consideration will be entirely satisfied by the Purchaser in cash before the completion of the legal transfer. The net asset value of SEJ as at February 28, 2022 was approximately CNY 2.9 million.

The Company intends to use the net proceeds received from the Disposal for its general working capital.