WKK INTL (HOLD) (00532.HK): Major transaction to acquire industrial land in Taoyuan, Taiwan for TWD 360 million
NewTimeSpace News: On 25 August 2026 (after trading hours), Wong's Kong King International (Holdings) Limited (stock code: 00532) announced that a non-wholly owned directly held subsidiary of the Company (the buyer) entered into a sale and purchase agreement with the seller for the acquisition of an industrial land parcel in Taoyuan, Taiwan, at a consideration of TWD 360,000,000 (approximately HKD 90,000,000). As certain applicable percentage ratios in respect of the acquisition are higher than 25% but lower than 100%, the acquisition constitutes a major transaction of the Company, subject to the reporting, announcement, circular and shareholders' approval requirements under Chapter 14 of the Listing Rules.
The announcement stated that the land is an industrial land of Class B use located at Lot 228, Chengsheng Section, Luzhu District, Taoyuan City, Taiwan, with a site area of approximately 3,430.01 square meters, currently vacant, with a statutory building coverage ratio of 70% and statutory and actual allowable floor area ratios of 210%. The consideration was determined through arm's length negotiations, having reference to a valuation report prepared by the independent professional valuer Chung Hua Surveyor (Taiwan) using the direct comparison approach, which valued the land at approximately TWD 362,110,000 (approximately HKD 90,027,500) as of 31 July 2026, representing a discount of approximately 0.6% to the valuation, and will be funded by the Group's internal resources and currently available banking facilities. The consideration is payable in four instalments: TWD 36,000,000 upon signing, TWD 36,000,000 on or before 23 September 2026, TWD 36,000,000 on or before 22 October 2026, and the balance of TWD 252,000,000 on or before 6 November 2026, in each case into an escrow account.
Pursuant to Rule 14.44 of the Listing Rules, the Company has obtained irrevocable and unconditional written shareholders' approvals from a group of closely connected shareholders in lieu of convening a general meeting to approve the acquisition, with such shareholders holding an aggregate of 371,916,751 shares (approximately 50.96% of the issued shares), including Wonder Luck International Limited (approximately 16.72%), Rewarding Limited (approximately 28.47%), Max Return Group Limited (approximately 4.45%) and the personal holdings of Mr. Wong Chung Tung, Ms. Wong Ngai Kiu and Ms. Wong Yin Tak (approximately 1.25%, 0.02% and 0.05% respectively); the shareholders' approval requirement under Chapter 14 of the Listing Rules has therefore been satisfied and no general meeting will be convened. A circular containing further information on the acquisition is expected to be dispatched to shareholders on or before 15 September 2026.
The board considers that the Group's existing office and production facilities in Taiwan are located in an aged, multi-owner and multi-storey industrial complex, constrained by structural deterioration and limited space; given the land's proximity to Taoyuan International Airport and major transport hubs, the acquisition enables the Group to construct dedicated and independent office and production facilities at a strategic location, enhancing logistics efficiency and export capabilities, in line with the Group's operational strategy and overall interests.
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