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Agile Group unit signs up for 3B Chinese yuan development

Agile Group Holdings Ltd.'s unit, Zhongshan Yajing, signed a cooperative framework agreement March 29 with three independent third parties to jointly develop eight projects worth roughly 2.77 billion Chinese yuan.

The projects span 660,859 square meters of land area for commercial and/or residential purposes in China's Zhongshan area.

Under the terms of the agreement, the subsidiary will execute an equity cooperation with Shiguang Chuangjian and its beneficial owners Zheng Zihong and Wu Zhangjin wherein the unit will fund the development cost, which will result in an ownership of 50% equity interests in each of the project.

In a separate release, Agile Group announced that its board recommended a special dividend of 25 Hong Kong cents, subject to certain conditions. The special dividend along with a final dividend of 20 cents are payable May 25 to qualified shareholders on register as of May 17.

In addition, several members of the board are set to retire and will be up for re-election at the company's annual general meeting. The retiring directors are Cheuk Yin Chan, Cheuk Hei Chan, Che-Keung Gordon Kwong, Chiu Chung Stephen Hui and Shiu Hoi Peter Wong.

As of March 28, US$1 was equivalent to 6.89 Chinese yuan.