Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this joint announcement.
(Incorporated in Bermuda with limited liability)
I
DISCLOSEABLE TRANSACTION ACQUISITION OF THE FANTASIA NOTES
The Chuang's China Board and the Chuang's Consortium Board announce that on 16 March 2021, the Purchaser, an indirect wholly-owned subsidiary of Chuang's China, has acquired from the open market the Fantasia Notes with the principal amount of US$2.0 million (equivalent to approximately HK$15.5 million) at the consideration of approximately US$2.164 million (equivalent to approximately HK$16.8 million).
For Chuang's China, as one or more of the relevant applicable percentage ratios (as defined in the Listing Rules) in respect of the Fantasia Notes Acquisition (when aggregated with the Previous Chuang's China Fantasia Notes Acquisitions) exceeds 5% (but is less than 25%), the Fantasia Notes Acquisition constitutes a discloseable transaction for Chuang's China under the Listing Rules and is subject to the notification and announcement requirements under the Listing Rules.
For Chuang's Consortium, as one of the relevant applicable percentage ratios (as defined in the Listing Rules) in respect of the Fantasia Notes Acquisition (when aggregated with the Previous Chuang's Consortium Fantasia Notes Acquisitions) exceeds 5% (but is less than 25%), the Fantasia Notes Acquisition constitutes a discloseable transaction for Chuang's Consortium under the Listing Rules and is subject to the notification and announcement requirements under the Listing Rules.
INTRODUCTION
The Chuang's China Board and the Chuang's Consortium Board announce that on 16 March 2021, the Purchaser, an indirect wholly-owned subsidiary of Chuang's China, has acquired from the open market the Fantasia Notes with the principal amount of US$2.0 million (equivalent to approximately HK$15.5 million) at the consideration of approximately US$2.164 million (equivalent to approximately HK$16.8 million). The date of settlement for the consideration of the Fantasia Notes Acquisition is on 18 March 2021.
THE FANTASIA NOTES ACQUISITION
The principal terms of the Fantasia Notes Acquisition are summarized below:
Issuer: | Fantasia Holdings Group Co., Limited |
Principal amount: | US$2.0 million (equivalent to approximately HK$15.5 million) |
Consideration and date | The consideration is approximately US$2.164 million (equivalent |
of settlement: | to approximately HK$16.8 million), being 103.25% of the |
principal amount of the Fantasia Notes and unpaid accrued | |
interest, and the date of settlement is on 18 March 2021 | |
Coupon: | 11.75% per annum, payable semi-annually |
Maturity date: | 17 April 2022 |
Listing: | The Singapore Exchange Securities Trading Limited |
The Chuang's China Group intends to fund the Fantasia Notes Acquisition from its internal resources and banking facilities.
As the Fantasia Notes Acquisition was conducted by the Purchaser from the open market through the Purchaser's security brokers (which are and whose beneficial owners are Independent Third Parties), the identities of the sellers of the Fantasia Notes cannot be ascertained. To the best knowledge, information and belief of the Chuang's China Board and the Chuang's Consortium Board and having made all reasonable enquiries, the sellers of the Fantasia Notes and their respective beneficial owners are Independent Third Parties.
In addition to the Fantasia Notes acquired pursuant to the Fantasia Notes Acquisition, the Chuang's China Group also held the Previous Chuang's China Fantasia Notes with maturity dates in 2022 with an aggregate principal amount of approximately US$6.0 million (equivalent to approximately HK$46.5 million). The Previous Chuang's China Fantasia Notes were acquired by the Chuang's China Group at an aggregate consideration of approximately US$6.5 million (equivalent to approximately HK$50.1 million at book cost).
In addition to the Fantasia Notes acquired pursuant to the Fantasia Notes Acquisition, the Chuang's Consortium Group also held the Previous Chuang's Consortium Fantasia Notes with maturity dates in 2022 with an aggregate principal amount of approximately US$10.0 million (equivalent to approximately HK$77.5 million). The Previous Chuang's Consortium Fantasia Notes were acquired by the Chuang's Consortium Group at an aggregate consideration of approximately US$10.8 million (equivalent to approximately HK$83.4 million at book cost).
INFORMATION ON THE ISSUER
According to the public information available to the Chuang's China Board and the Chuang's Consortium Board, the Issuer is an investment holding company listed on the Main Board of the Stock Exchange and its subsidiaries are principally engaged in property development, property investment, property agency services, property operation services, hotel operations and other businesses.
As at the date of this joint announcement, to the best of the knowledge, information and belief of the Chuang's China Board and the Chuang's Consortium Board, having made all reasonable enquiries, the Issuer and their respective ultimate beneficial owners are Independent Third Parties.
INFORMATION ON CHUANG'S CHINA, CHUANG'S CHINA GROUP AND THE PURCHASER
Chuang's China is incorporated in Bermuda with limited liability and its shares are listed on the Main Board of the Stock Exchange (stock code: 298). Chuang's China is an indirect non-wholly-owned subsidiary of, and owned as to approximately 60.71% by, the Chuang's Consortium Group as at the date of this joint announcement.
The Chuang's China Group is principally engaged in property development, investment and trading, hotel operation and management, development and operation of cemetery, sales of goods and merchandises (including art pieces), and securities investment and trading.
The Purchaser is a company incorporated in Hong Kong with limited liability and is an indirect wholly-owned subsidiary of Chuang's China. The principal activities of the Purchaser are securities investment and trading.
INFORMATION ON CHUANG'S CONSORTIUM AND CHUANG'S CONSORTIUM GROUP
Chuang's Consortium is incorporated in Bermuda with limited liability and its shares are listed on the Main Board of the Stock Exchange (stock code: 367).
The Chuang's Consortium Group is principally engaged in property development, investment and trading, hotel operation and management, development and operation of cemetery, manufacturing, sales and trading of goods and merchandises, securities investment and trading and money lending business.
As at the date of this joint announcement, the Chuang's Consortium Group holds approximately 60.71% of the total issued share capital of Chuang's China.
REASONS FOR AND BENEFITS OF THE FANTASIA NOTES ACQUISITION
The Fantasia Notes Acquisition forms part of the investment activities of the Chuang's China Group and the Chuang's Consortium Group, which is in their ordinary and usual course of business. The Chuang's China Board and the Chuang's Consortium Board consider that the Fantasia Notes Acquisition will provide the Chuang's China Group and the Chuang's Consortium Group, respectively with an opportunity to enhance income for their surplus cash amidst the prevailing low interest rate environment.
As the Fantasia Notes Acquisition was conducted through the open market, the Chuang's China Board and the Chuang's Consortium Board are of the opinion that the terms of the Fantasia Notes Acquisition are fair and reasonable and on normal commercial terms, and the Fantasia Notes Acquisition is in the interests of Chuang's China and Chuang's Consortium and their respective shareholders as a whole.
IMPLICATIONS UNDER THE LISTING RULES
For Chuang's China, as one or more of the relevant applicable percentage ratios (as defined in the Listing Rules) in respect of the Fantasia Notes Acquisition (when aggregated with the Previous Chuang's China Fantasia Notes Acquisitions) exceeds 5% (but is less than 25%), the Fantasia Notes Acquisition constitutes a discloseable transaction for Chuang's China under the Listing Rules and is subject to the notification and announcement requirements under the Listing Rules.
For Chuang's Consortium, as one of the relevant applicable percentage ratios (as defined in the Listing Rules) in respect of the Fantasia Notes Acquisition (when aggregated with the Previous Chuang's Consortium Fantasia Notes Acquisitions) exceeds 5% (but is less than 25%), the Fantasia Notes Acquisition constitutes a discloseable transaction for Chuang's Consortium under the Listing Rules and is subject to the notification and announcement requirements under the Listing Rules.
DEFINITIONS
''Chuang's China''
''Chuang's China Board''
Chuang's China Investments Limited (莊士中國投資有限公 司), a company incorporated in Bermuda with limited liability and its shares are listed on the Main Board of the Stock Exchange (stock code: 298). As at the date of this joint announcement, Chuang's China is owned as to approximately 60.71% by the Chuang's Consortium Group the board of directors of Chuang's China
''Chuang's China Group''
Chuang's China and its subsidiaries
''Chuang's Consortium''
Chuang's Consortium International Limited (莊士機構國際 有限公司), a company incorporated in Bermuda with limited liability, the shares of which are listed on the Main Board of the Stock Exchange (stock code: 367)
''Chuang's Consortium | the board of directors of Chuang's Consortium |
Board'' | |
''Chuang's Consortium | Chuang's Consortium and its subsidiaries, including the |
Group'' | Chuang's China Group |
''connected person(s)'' | has the meaning ascribed to it under the Listing Rules |
''Fantasia Notes'' | 11.75% senior notes due April 2022 issued by the Issuer |
''Fantasia Notes Acquisition'' | the acquisition of the Fantasia Notes in the principal amount |
of US$2.0 million (equivalent to approximately HK$15.5 | |
million) by the Purchaser from the open market on 16 | |
March 2021 | |
''HK$'' | Hong Kong dollars, the lawful currency of Hong Kong |
''Hong Kong'' | the Hong Kong Special Administrative Region of the PRC |
''Independent Third | any entity(ies) or person(s) which or who is/are not a |
Party(ies)'' | connected person of Chuang 's China or Chuang's |
Consortium within the meaning ascribed thereto under the | |
Listing Rules | |
''Issuer'' | Fantasia Holdings Group Co., Limited, a company |
incorporated in the Cayman Islands with limited liability, | |
the shares of which are listed on the Main Board of the | |
Stock Exchange (stock code: 1777) | |
''Listing Rules'' | the Rules Governing the Listing of Securities on the Stock |
Exchange | |
''PRC'' | The People's Republic of China |
''Previous Chuang's China | 11.75% senior notes due April 2022 in the principal amount |
Fantasia Notes'' | of US$6.0 million (equivalent to approximately HK$46.5 |
million) issued by the Issuer and held by the Purchaser | |
''Previous Chuang's China | the acquisitions of the Previous Chuang's China Fantasia |
Fantasia Notes | Notes by the Purchaser |
Acquisitions'' | |
''Previous Chuang's | 11.75% senior notes due April 2022 in the principal amount |
Consortium Fantasia | of US$4.0 million (equivalent to approximately HK$31.0 |
Notes'' | million) issued by the Issuer and held by a wholly-owned |
subsidiary of Chuang's Consortium and the Previous | |
Chuang's China Fantasia Notes |
''Previous Chuang's | the acquisitions of the Previous Chuang's Consortium |
Consortium Fantasia Notes | Fantasia Notes by a wholly-owned subsidiary of Chuang's |
Acquisitions'' | Consortium and the Previous Chuang's China Fantasia Notes |
Acquisitions | |
''Purchaser'' | Rich Joint Limited, a company incorporated in Hong Kong |
with limited liability and an indirect wholly-owned | |
subsidiary of Chuang's China | |
''Stock Exchange'' | The Stock Exchange of Hong Kong Limited |
''US$'' | United States dollars, the lawful currency of the United |
States of America | |
''%'' | per cent |
By order of the board of | By order of the board of |
Chuang's Consortium International Limited | Chuang's China Investments Limited |
Albert Chuang Ka Pun | Albert Chuang Ka Pun |
Chairman and Managing Director | Chairman |
Hong Kong, 16 March 2021 |
As at the date of this joint announcement, Mr. Albert Chuang Ka Pun, Mr. Richard Hung Ting Ho, Mr. Chong Ka Fung, Miss Ann Li Mee Sum, Mrs. Candy Kotewall Chuang Ka Wai, Mr. Geoffrey Chuang Ka Kam and Mr. Chan Chun Man are the executive directors of Chuang's Consortium, and Mr. Abraham Shek Lai Him, Mr. Fong Shing Kwong, Mr. Yau Chi Ming, Mr. David Chu Yu Lin and Mr. Tony Tse Wai Chuen are the independent non-executive directors of Chuang's Consortium.
As at the date of this joint announcement, Mr. Albert Chuang Ka Pun, Miss Ann Li Mee Sum, Mr. Chong Ka Fung, Mr. Sunny Pang Chun Kit, Mr. Geoffrey Chuang Ka Kam and Mr. Neville Charles Kotewall are the executive directors of Chuang's China, and Mr. Dominic Lai is the non-executive director of Chuang's China, and Mr. Abraham Shek Lai Him, Mr. Andrew Fan Chun Wah, Dr. Eddy Li Sau Hung and Dr. Ng Kit Chong are the independent non-executive directors of Chuang's China.
Unless otherwise stated, for the purpose of illustration only, amounts denominated in US$ in this joint announcement have been translated into HK$ at the rate of US$1.00 = HK$7.75. Such translation should not be construed as a representation that the amounts in question have been, could have been or could be converted at any particular rate or at all.
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Chuang's China Investments Ltd. published this content on 16 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 03:49:09 UTC.