The Board wishes to announce that CCIB had on 13 February 2024 entered into a share sale agreement with the remaining shareholder of M Property namely Match PTY LTD (“Vendor”) for the acquisition by CCIB of the remaining 41.5% equity interest in M Property for a total cash consideration of AUD921,000(“SSA”) (“Proposed Acquisition”).

M Property is currently a 58.5%-owned subsidiary of CCIB and is principally involved in the business of provision of property management services in Australia.

In accordance with the SSA, the Proposed Acquisition will be completed upon:

1. on or before 23 February 2024, unless CCIB and the Vendors mutually agree to change to a reasonable date;

2. the settlement of a bank facility of M Property;

3. all personal guarantees of the existing guarantors for the bank facility mentioned in (ii) is fully released;

4. the entire purchase consideration of AUD921,000 is paid to the Vendors; and

5. the Sale Shares are registered to CCIB.

M Property will become a wholly-owned subsidiary of CCIB upon the completion of the Proposed Acquisition.

CCIB will make an announcement when the Proposed Acquisition is completed. 

Whilst the percentage ratio pursuant to Rule 7.04(1) of the LEAP Market Listing Requirements is below 10%, the Board decided to voluntarily make the announcement in view that this is an acquisition of the remaining stakes in a subsidiary of CCIB.

This announcement is dated 13 February 2024.