An unknown buyer entered into an agreement to acquire Jingdian Construction Company Limited from Coastal Greenland Limited (SEHK:1124) and Yang Jiong Xuan for approximately HKD 380 million on August 26, 2014. Under the terms of the agreement, buyer will pay approximately HKD 27.41 million to Coastal Greenland and HKD 3.81 million to Yang Jiong at the date of completion. The remaining balance shall be paid within three months upon completion of the registration of the transfer with the relevant authorities in the PRC, as HKD 308.34 million to Coastal Greenland and HKD 34.26 million to Yang Jiong. As of March 31, 2014, Jingdian Construction reported HKD 749.83 million of revenues, HKD 18.13 million of net profit before taxation and HKD 2.84 million of net profit after taxation, total assets of HKD 650.39 million and net assets of HKD 348.622 million.

The transaction is subject to Coastal Greenland shareholders approval. The Directors of Coastal Greenland recommend its shareholders to vote in favor of the transaction. Completion shall take place on the third business day upon fulfillment of the condition precedent under the agreement. Net proceeds from the disposal will be applied towards the general working capital and business development of Coastal Greenland Limited Group. As on September 30, 2014, shareholders of Jingdian Construction Company approved the transaction in the meeting held. The transaction is expected to complete by August, 2015. Tricor Tengis Limited acted as registrar and transfer agent for Coastal Greenland.

An unknown buyer cancelled the acquisition of Jingdian Construction Company Limited from Coastal Greenland Limited (SEHK:1124) and Yang Jiong Xuan on January 11, 2016. Fujian Province Huiwu Construction Engineering Company Limited has now entered into an agreement to acquire Jingdian Construction Company Limited from Coastal Greenland Limited (SEHK:1124) and Yang Jiong Xuan on January 11, 2016.