FUTURE BRIGHT (00703.HK): Enters into Two Renovation Contracts for Edo Japanese Restaurant with Aggregate Contract Price of Approximately MOP 14.43 Million
NewTimeSpace News: On September 3, 2026, Future Bright Holdings Limited (stock code: 00703) announced that its wholly-owned subsidiary, Chun Ying Catering Company Limited (Chun Ying), had entered into two renovation contracts with a contractor, an independent third party, for the renovation of the Edo Japanese Restaurant premises in the Cotai Reclamation Area of Macao. As the renovation works will be capitalized as the group's property, plant and equipment, entering into each contract constitutes an acquisition of assets under the Listing Rules; as the two contracts are similar in nature and were entered into within 12 months, they are aggregated as a series of transactions under Rule 14.22, and with one or more of the applicable percentage ratios exceeding 5% but all remaining below 25% on an aggregated basis, the contracts constitute a discloseable transaction for the company, subject to the notification and announcement requirements but exempt from the circular and shareholders' approval requirements.
Renovation Contract I was entered into on June 15, 2026, under which the contractor is required to carry out civil works and waterproofing treatment works at the restaurant premises on a supply-and-install basis, at a lump-sum contract price of MOP 1,130,000 (approximately HKD 1,096,100), to be completed within 50 days from the date of commencement and in any event on or before July 31, 2026; as of the date of this announcement, more than 80% of the renovation works under Contract I had been completed, with the remaining works to be coordinated with and completed following the commencement of works under Renovation Contract II. Renovation Contract II was entered into on September 3, 2026 (after trading hours), covering premium decoration and interior renovation works and the installation of electrical and mechanical systems and facilities, at a lump-sum contract price of MOP 13,300,000 (approximately HKD 12,901,000), to be completed within 80 days from the date of commencement and expected to be completed in the fourth quarter of 2026. The contract prices under both contracts are payable by Chun Ying in cash in installments (three installments under Contract I and five under Contract II, each with 10% retained as retention money payable upon expiry of the warranty period and passing of joint re-inspection), and the contractor is required to provide a 1-year warranty for all non-waterproofing works and a 10-year warranty for all waterproofing works.
The group has operated a Japanese restaurant under the "Edo Japanese Restaurant" brand at the premises since 2009, a long-established high-end Japanese dining brand in Macao. Chun Ying entered into a five-year operation agreement with the owner of the premises in February 2026, and the renovation contracts were entered into to enhance the dining environment, facilities and customer experience of the restaurant and consolidate its brand image, competitiveness and market position. Each renovation contract was awarded to the contractor following tender procedures and Chun Ying's objective evaluation, with the contract prices funded by the group's internal resources and/or bank borrowings. The directors consider that the terms of the renovation contracts were entered into on normal commercial terms, are fair and reasonable, and are in the interests of the company and its shareholders as a whole; the contractor and its ultimate beneficial owners are independent third parties.
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