On November 8, Dajin announced that it would terminate the sale of ISUTCCo., a 51% stake in Limited. A termination contract has been entered into with the Purchaser, a termination framework agreement and a share purchase agreement have been entered into and the initial payment has been refunded to the Purchaser.
It is understood that the company earlier planned to sell a 51% stake in the wholly-owned subsidiary ISU TC for 142 million yuan. The funds will be used to fill the working capital. At the same time, the wholly-owned subsidiary of Zhongshan Dajin will go to Guangdong Dajin Electronics Technology, the sale of the property in Gaoping Village, Sanjiao Town, Zhongshan City, for a price of 83.9 million yuan (about 102.3 million Hong Kong dollars); the funds will be used to repay the bank loan of 80 million yuan and the mortgage of the property in the name of Zhongshan Dajin guarantee.
Dajin Oriental has stated that it expects the share sale and property sale to bring a loss of RMB 6 million and RMB 21 million respectively to the Group. The net proceeds amounted to RMB 217 million. The Board considers that the termination of the Framework Agreement and the Share Purchase Agreement and The Real Estate Sale and Purchase Agreement does not have any material adverse impact on the Group's existing business operations and financial position.
In addition, Yang Kaishan, the main shareholder of Dajin Dongfang Lighting (00515), reduced the company's long position of 912,000 shares on the market on November 6, 2012, and cashed in 1.0272 million Hong Kong dollars. The average transaction price was 1.127 Hong Kong dollars, and the highest transaction price was 1.22 Hong Kong dollars. After the change, it held 1.59188 billion shares, holding 35.98% of the shares.
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