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CASH Financial signs agreement for potential share sale to investment firm

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CASH Financial signs agreement for potential share sale to investment firm

CASH FinancialServices Group Ltd., or CFSG, has signed an agreement withinvestment firm Ever Billion Group Ltd. for a potential share sale.

The two companies said in a July 21 joint release that they enteredinto a framework agreement in which Ever Billion would purchase 1.50 billionCASH Financial shares, or about 36.28% of its entire issued share capital. Uponcompletion of the proposed transaction, the shareholding interest in CFSG byparent Celestial Asia Securities Holdings Ltd. will be cut to 4.06% from 40.34%.

The price of the shares, which will be settled in cash, issubject to further negotiations between the two companies.

If the share disposal goes through, CASH Financial willcease to be a subsidiary of Celestial Asia Securities.

Trading in CFSG's shares resumed on the Hong Kong stockexchange at 9 a.m. on July 22 after the share sale was announced. Trading hadbeen halted July 20pending the release of the announcement.