CHIWAYLAND INTERNATIONALLIMITED RegistrationNo.200610437K
(IncorporatedinSingapore)
proposed disposal
The Board of Directors of Chiwayland International Limited (the “Company” and together with its subsidiaries, the “Group”) wishes to announce that its wholly-owned subsidiary, Suzhou Chiwayland Group Co., Ltd (“SCG”) has entered into a share purchase agreement with Beijing Chance Capital Management Co., Ltd (the “Purchaser”), Suzhou Xingshang Tiandi Real Estate Co., Ltd, an indirect 55% owned subsidiary (“SXTRE”) held by SCG,苏州安泰成长投资发展有限公司and 贡明,pursuant to which SCG shall dispose 4%of its equity interest inSXTRE (“Sales Shares”)to the Purchaser for a consideration of RMB 4 million (the “Proposed Disposal”).
The consideration for the Proposed Disposalwas arrived on a willing-buyer-willing-seller basis, which has taken into account the net asset value attributable to the Sales Shares of approximately RMB 4 million.
No valuation was commissioned in respect of SXTRE. The net assets value attributed to the Sales Shares as at 30 June 2015 was approximately RMB4 million.
Upon the completion of the Proposed Disposal, SXTRE will be effectively held by SCG, the Purchaser,苏州安泰成长投资发展有限公司,贡明in the proportion of 51%, 4%, 40% and 5% respectively.The Proposed Disposal is not expected to have any material impact on the net earnings per share or the net tangible assets per share of the Group for thecurrent financial year ending 31 December 2015.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the aforesaid transaction save for their shareholdings in the Company.
ByOrdersofthe Board of
CHIWAYLAND INTERNATIONALLIMITED
QIANJIANRONG
ExecutiveChairmanandChiefExecutiveOfficer
14September 2015
UOBKayHian Private Limitedwasthefinancial adviser tothe Companyforthe acquisition of the entire issued and paid upshare capital ofChiwayland Group (Singapore)Pte Ltd.(the “Financial Adviser”).The Financial Adviserassumesno responsibility for thecontentsofthisannouncement.