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Agile unit to boost capital of Sansheng subsidiaries

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Agile unit to boost capital of Sansheng subsidiaries

Agile Group Holdings Ltd.'s Xiamen Yashen Property Development Ltd. agreed to contribute about 208.2 million yuan to the registered capital of Sansheng Holdings (Group) Co. Ltd. subsidiary Fuzhou Shengxin Property Development, representing 51% of the target company's enlarged capital after the increase.

The investor will also pay 382.5 million yuan, representing 51% of the cost of land in Langqi Town in China's Fuzhou City that serves as the target company's principal asset.

Xiamen Yashen also agreed to contribute 9.6 million yuan to Fuzhou Shengquan Property Development Co. Ltd., another Sansheng unit, with the deal representing 49% of the target company's enlarged capital after the increase. The investor will also pay 552.7 million yuan, representing 49% of the cost of that target company's land parcel in Fuzhou City's Tingjiang Town.

Both parcels involved are expected to be developed into residential and commercial properties. Approximately 301.8 million yuan in aggregate proceeds from the deal will be used as Sansheng's general working capital, according to a release.

Additionally, Sansheng revealed its recent Chinese acquisitions of an approximately 45,474-square-meter land parcel for 1.20 billion yuan, a 23,467-square-meter plot for 265.0 million yuan and a 77,480-square-meter parcel for 367.7 million yuan. The three parcels are located in Changle District, Fuzhou City; Longhai County, Zhangzhou City; and Rudong County, Nantong City, respectively.

As of July 2, US$1 was equivalent to 6.66 yuan.