Core Viewpoint - China Cultural Tourism Agriculture (00542.HK) announced the sale of a 47% stake in its subsidiary, China Cultural Tourism Group Co., Ltd., to Gaofeng Global Limited for a cash consideration of RMB 140 million, aiming to alleviate financial burdens in the current uncertain economic environment [1] Group 1 - The seller, Fuyuan Cultural Tourism Group Co., Ltd., is a wholly-owned subsidiary of the company [1] - The target company was previously owned 59% by the seller and 41% by the buyer [1] - Upon completion of the sale, the target company will no longer be a subsidiary, and its financial performance will not be consolidated into the group's financial statements [1] Group 2 - The group believes that the sale is beneficial as the target company has not generated profits for the group [1] - The buyer has expressed interest in further acquiring the remaining 47% stake in the target company [1] - The transaction is seen as a strategic move to reduce the group's financial burden amid an unclear economic landscape [1]
中国文旅农业(00542.HK)拟1.4亿元出售中国文旅集团47%股权