Renze Harvest to Purchase Debt Receivables at 20% Discount

MT Newswires Live08-01

Renze Harvest International (HKG:1282) agreed to purchase certain debt receivables due on Glory Sun Land Group (HKG:0299) for about 62.7 million yuan, a Wednesday filing with the Hong Kong Exchange said.

The company plans to use the debt receivables to partially off-set the amount of acquisition of the remaining equity interest in Shantou Taisheng Technology by its subsidiary Shenzhen Baokai Investment Holding to the vendor, Shenzhen Hong Jia Xin Technology, a subsidiary of Glory Sun Land Group.

The company, through its purchasing subsidiary, had already acquired 51% equity interests in Shantou Taisheng Technology.

The company has purchased the debt receivables on a 20% discount and since the amount used in the purchase is equal to the actual principal amounts of debts, the company stands to save about 15.7 million of cash consideration by the arrangement.

The company's shares were up nearly 4% on Thursday's close.

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