Asiapac Growth Holdings Limited, the wholly-owned subsidiary of SGX-listed Joyas International, entered into a sale and purchase agreement (SPA) with Wang De Wei to dispose of 70% of the total issued and paid-up share capital of Hong Kong Silver Basic Group Limited.
The shares were disposed of for HK$1 (18.26 cents). According to Joyas, Hong Kong Silver’s negative book value and net tangible liability value of the shares was approximately HK$1.1 million based on its 1HFY2022 ended June financial statements.
Wang is a shareholder of Hong Kong Silver. He is also a family member of Wang De Zhou, a former key management personnel of Joyas. Wang currently holds 5% of the shares in Hong Kong Silver.
The proposed disposal was completed on Oct 14, following which, Hong Kong Silver is no longer a subsidiary of Asiapac Growth Holdings and no longer an indirect subsidiary of Joyas International.
Hong Kong Silver is a dormant company incorporated in Hong Kong with an issued share capital of HK$10,000 ($1,826.05). Prior to the financial year ended Dec 31, 2017, Hong Kong Silver was engaged in the distribution and trading of nickel in Hong Kong and the People’s Republic of China.
Shares in Joyas closed flat at 0.2 cent on Oct 14.
