Gronghui May 16 丨 Titan Energy Technology (02188pennfierce3.HK) announced that on May 16, 2024, Titan Technology (as the seller) entered into an equity transfer agreement with the buyer and auction agent, pursuant to which, Titan Technology conditionally agreed to sell, and the buyer Chen Wenjia conditionally agreed to purchase Zhuhai Libo's entire equity at a consideration of RMB 30.1 million.
After the completion of the disposal, the company will no longer hold any interest in Zhuhai Libo, and Zhuhai Libo will no longer be an indirect wholly-owned subsidiary of the company. Therefore, Zhuhai Liplatinum's financial results will cease to be recognized in the group's accounts.
Zhuhai Libo is the holding company that holds these properties. As (i) the Group's Titan Group production and office base in Tangjiawan Town, High-tech Zone, Zhuhai City has been completedpennfierce3; and (ii) the Group established a new production base in Caofeidian Industrial Zone, Tangshan City, Hebei Province in 2023. The board of directors believes that the sale will help improve the overall management efficiency of the Group's business and optimize the Group's resource allocation. The net proceeds after the completion of the disposal are expected to increase the company's cash flow. Once suitable business opportunities are encountered, the company can be more flexible in identifying and participating in thempennfierce3He invests.