Pursuant to the regulations of the Hong Kong Stock Exchange, the Hung Hing Printing Group announced on 6 April 2020 concerning the disposal of the land and properties (of Hung Hing Packaging (Wuxi) Co., Ltd) in relation to the land resumption exercise of the Wuxi City Local Government.
As part of this agreement, the company will be compensated an amount of RMB296,236,585. In exchange, the Wuxi Local Government undertook either through a tender, auction or list-for-sale of a New Land of approximately 33,333 sq meters in Changjiang East Road, Jin San Road District, Jiangsu, being the new site for Hung Hing Packaging. A new production plant with an estimated floor area of 55,000 sq meters will be built on this New Land that adopts high-end packaging and printing technologies with an investment commitment of RMB300million or its US Dollar equivalent.
The company does not anticipate any disruptions in its operation during this period and will be planning for a smooth transition as it moves its manufacturing capabilities into its New Plant. This is expected to be completed in 18 months after receiving the land.
The link below on the detailed announcement is attached for your convenience.
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Hung Hing Printing Group