Xtep International Holdings Disposes Subsidiary; Set to Pay Special Dividend

MT Newswires Live12-02

Xtep International Holdings (HKG:1368) disposed of the entire issued share capital of KP Global Investment Ding Shun Investment for $151 million, a Monday Hong Kong bourse filing said.

KP Global and its subsidiaries have ceased to be subsidiaries of the company and have become its associates.

Upon the completion of the disposal, to smooth the transition of KP Global, the company and HP Global have also agreed to continue certain operational and administrative arrangements, under a transition services agreement, for a term starting on Nov. 30, and expiring on Dec. 31, 2026.

The transition services include leasing and licensing of office spaces in Shanghai, Xiamen, and Hong Kong by the Group to the KP Global Group, sharing of administrative services, and warehouse and logistics services.

The company also agreed to provide a guarantee for the liabilities of K-Swiss USA, a subsidiary of KP Global, in favor of a bank in the U.S. for a sum up to $4.5 million for a fee of 0.5% per annum of the total principal amount of the guarantee.

The company expects to distribute a special dividend of HK$0.447 per share on Friday, Dec. 6, to the shareholders on record as of the special dividend record date of Sept. 9.

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