Core Viewpoint - Xinhua Huifu Financial (00188) announced the sale of a 30% stake in KCG Capital, which will result in the company no longer holding any equity in KCG Capital and the latter being reclassified from an associate company [1] Group 1: Transaction Details - The sale involves 15,000 shares for a consideration of HKD 16.1 million, excluding transaction costs [1] - The transaction is structured as a share buyback agreement between SW Kingsway Capital Group Limited (the seller) and KCG Capital (the buyer) [1] - The agreement was reached after fair negotiations between the parties, considering KCG Capital's latest unaudited net asset value and current market conditions [1] Group 2: Financial Implications - The sale will provide immediate liquidity to the company, improving its cash position and optimizing its asset portfolio [1] - The proceeds from the sale are intended to be used for general working capital and cash reserves, allowing the company to seek future investment opportunities [1] - Prior to the sale, the company held a 30% stake in KCG Capital but did not participate in its management or strategic decisions, and KCG Capital had not distributed dividends in past years [1]
新华汇富金融拟1610万港元出售KCG Capital30%股权