January 11th丨Chinese marine fishing(08047.HK) announced that the Group sold a total of 25 million shares of TOMO (08463.HK) on the open market through a securities brokerage from September 7, 2018 to January 11, 2019. It represents approximately 5.56% of the issued share capital of TOMO and is valued at HK$1.05 to HK$1.57 per TOMO share.
The total proceeds from the sale amounted to approximately HK$28,829,500 (excluding transaction costs). The Group will be held as a general working capital and/or other investment opportunities. The Group will hold 5 million shares of TOMO after the Disposal, representing approximately 1.11% of the issued share capital of TOMO.
The Disposal is an opportunity for the Group to realise its investment in TOMO. It is expected that the Group will recognise the unaudited loss of approximately HK$18,936,900, which is the difference between the consideration and the carrying amount of the sold TOMO shares held by the Group on October 11, 2019. The Board of Directors believes that the sale will enhance the company's liquidity
(Article source: Gloem)