RELIANCE GLOHL (00723.HK): Subsidiary Wui Tung Minerals to Acquire 51% of Beijing Zhongran Xinchuang Technology
- The target group is principally engaged in the development, manufacture and sale of automotive interiors, including but not limited to composite flooring.
- The exclusivity period is six months from the date of the memorandum and may be extended by mutual agreement, during which the vendor may not discuss or enter into agreements with other parties for the sale or purchase of equity interests in the target group.
NewTimeSpace News: On 15 September 2026, Reliance Global Holdings Limited (stock code: 00723.HK) announced on a voluntary basis that Wui Tung Minerals International Limited, an indirect wholly-owned subsidiary of the Company, entered into a memorandum of co-operation with the vendor on 15 September 2026 (after trading hours) in respect of the possible acquisition, under which the purchaser intends to acquire 51% of the equity interest in the target company, Beijing Zhongran Xinchuang Technology Co., Ltd., from the vendor. The target group is principally engaged in the development, manufacture and sale of automotive interiors, including but not limited to composite flooring; if the possible acquisition proceeds, the members of the target group will become indirect non-wholly-owned subsidiaries of the Company and their financial results will be consolidated into the Company's financial statements.
Under the memorandum of co-operation, Wui Tung Minerals shall pay RMB 10,000,000 to the vendor within five business days from the date of the memorandum as a refundable deposit for the possible acquisition; if the parties enter into a formal acquisition agreement, the deposit will be applied towards part of the consideration, failing which it shall be refunded to Wui Tung Minerals within no more than five business days without interest. The exclusivity period is six months from the date of the memorandum and may be extended by mutual agreement, during which the vendor has agreed not to discuss, negotiate or enter into any agreement with any other person for the sale or purchase of equity interests in any member of the target group. The consideration for the possible acquisition and its payment method have not yet been finalised and are subject to a formal acquisition agreement; save for certain provisions relating to the refundable deposit and the exclusivity period, the memorandum of co-operation does not constitute a legally binding agreement.
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