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DIT Group Limited — Capital/Financing Update 2015
Jul 14, 2015
49427_rns_2015-07-14_65bc937d-d990-43ee-967b-b27ceed63bdb.pdf
Capital/Financing Update
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this 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 announcement.
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(Incorporated in Bermuda with limited liability) (Stock Code: 726)
INSIDE INFORMATION IN RELATION TO THE ENTERING INTO OF A PROJECT INVESTMENT AGREEMENT
This announcement is made by South East Group Limited (the “ Company ”) pursuant to the Inside Information Provisions (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”)) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and Rule 13.09 of the Listing Rules.
The board of directors of the Company is pleased to announce that on 14 July 2015, the Company entered into a project investment agreement (the “ Agreement ”) with Nanjing Jiangning Binjiang Economic Development Zone Management Committee * (南京江寧濱江經濟開發區管委會) (the “ Management Committee ”), pursuant to which the Company has agreed to acquire a parcel of land of 151.3 mu (the “ Land ”) through tender, auction or listing-for-sale from the relevant PRC authority (the “ Proposed Acquisition ”). It is expected, following the Proposed Acquisition, that the Company will develop on the Land, in two phases, a project titled China Minsheng Drawin Green Construction Technology Park* (中民築友綠色建築科技園) (the “ Project ”) which involves the research and development, design, production and sales of intelligent and environmental friendly building construction technology and materials.
The board of directors of the Company believes that the project investment has a crucial effect on the Company’s expansion into the industrialization of building construction in the Yangtze River Delta region. The Company’s production capacities for pre-cast units and materials in Nanjing City and Jiangsu Province will be enhanced after new production facilities and equipment are in placed in the Project, which will favor the Company a faster entry into the high-end building construction market and to obtain a predominant market position.
As all the relevant percentage ratios (calculated with reference to the indicative price of the Land assessed by the Nanjing Land Authority; the definitive price is subject to the tender, auction or listing-for-sale process) are less than 5%, the Proposed Acquisition is not subject to the reporting and announcement and shareholders’ approval requirements of Chapter 14 of the Listing Rules. The Company will make further announcement as and when necessary.
* For identification purpose only
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Since the Proposed Acquisition is subject to the tender, auction or listing-for-sale procedure in accordance with the relevant PRC laws and regulations and thus may or may not proceed, shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares or other securities of the Company.
By order of the Board of South East Group Limited Mi Hongjun Chairman and Executive Director
Hong Kong, 14 July 2015
As at the date of this announcement, the Board comprises Mr. Mi Hongjun (Chairman), Mr. Yin Jun (Deputy Chairman), Mr. Yeung Chun Wai, Anthony (Deputy Chairman) and Mr. Chen Domingo as executive Directors; Ms. Fang Rong and Mr. Zhou Feng as non-executive Directors; Mr. Lee Chi Ming, Mr. Chan Chi Hung, Anthony and Mr. Jiang Hongqing as independent non-executive Directors.
* For identification purpose only
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