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| Wednesday, 24 September 2014, 17:34 HKT/SGT | |
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Source: SUGA | |
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| Expects a Gain of Approximately HK$148,700,000 in the First Half of the Current Financial Year |
HONG KONG, Sept 24, 2014 - (ACN Newswire) - SUGA International Holdings Limited ("SUGA" / the "Group") (stock code: 912), a leading electronic manufacturing services ("EMS") provider, has announced that it has completed the disposal of an industrial land parcel in Buji, Shenzhen, the PRC.
The consideration of the disposal is RMB138,000,000 (equivalent to approximately HK$173,880,000). Taking into account the total amount of the consideration, the Group is expected to record a gain of approximately RMB118,000,000 (equivalent to approximately HK$148,700,000). The actual gain is subject to audit. The expenses incurred and to be incurred in connection with the relocation of the Group's production facilities at Buji and Xixiang, Shenzhen to its newly constructed production base in Dongguan, the PRC ("relocation expenses") are estimated to be approximately RMB26,000,000 (equivalent to approximately HK$32,800,000). Relocation expenses mainly comprise the expenses related to dismissal of employees at its Shenzhen production facilities.
Dr C H Ng, Chairman of SUGA, said, "Our new production facility in Dongguan commencing full operation in August 2014 has integrated our original production facilities in Buji and Xixiang, enhancing SUGA's overall operational efficiency. The Group is further promoting modernisation and automation of production facilities and improving the technology of our production in order to achieve long-term growth. The gain from the completion of the disposal is expected to be booked in the accounts of the first half of this financial year and provide more capital for business development. Our management team is highly confident about the long-term prospects of SUGA and its continuation to generate better returns to our shareholders."
Contact:
Strategic Financial Relations Limited
Iris Lee +852 2864 4829 iris.lee@sprg.com.hk
Keris Leung +852 2864 4863 keris.leung@sprg.com.hk
Topic: Press release summary
Source: SUGA
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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