Kinetic Development Group to Acquire 100% Stake in Seedlife Holding

MT Newswires Live09-09

Kinetic Development Group (HKG:1277) agreed to acquire 100% equity interests of Seedlife Holding from Seedland Smart Service Group for 423 million yuan on Friday, Sept. 6, a same-day filing with the Hong Kong Exchange said.

The company's subsidiary, Kinetic Qinhuangdao, also entered a fourth supplemental agreement with Qingdao Shilu Ocean Big Data Investment Development, Zhongshan Shidi Real Estate Development, Zunyi Shidi Real Estate Development, Seedland Smart Service, and Zhang Liang Johnson terminating the sale agreement for certain properties located in Wuhan and Zhongshan with a consideration of 542.2 million.

The Seedlife acquisition is part of the company's efforts to replace all or part of assets linked to its 2023 property purchase deal that has been facing registration delays. The company will be using the consideration payment mentioned above as a set-off payment for the acquisition.

The company's shares were down nearly 3% on Monday's close.

Price (HKD): $1.10, Change: $-0.030, Percent Change: -2.65%

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