GR Properties Ltd.'s controlling shareholder Wintime Co. Ltd. agreed to sell 150,000,000 issued shares in the former for a sum not exceeding HK$180 million.
Wintime signed the deal with Chance Talent Management Ltd. and Wei Chunxian, the chairman and executive director of its parent company, Winluck Global Ltd. The transaction is expected to be completed on or before Dec. 21. The buyers have agreed to provide a lockup period of one year from the deal completion date to not sell, transfer or dispose the shares.
Following completion of the deal, Wintime will hold 834,214,591 shares, or approximately 53.92% issued share capital, of GR Properties.