Secure Warehouse (00237) plans to establish a property investment project joint venture through the acquisition of 30% of the target company's interests and transfer of shareholders' loans

Zhitong Finance App News, Secure Warehouse (00237) issued an announcement. On September 16, 2026, the investor (an indirect wholly-owned subsidiary of the Company) signed a share purchase and shareholder agreement with the sponsor Double Glory Ventures Limited and the target company Green View Holdings Limited. The investors have agreed to buy from the sponsor:

(i) 30 common shares of the target company, accounting for 30% of the target company's issued share capital after completion of the transaction; and

(ii) 30% interest in shareholder loans advanced by the sponsor to the target company,

The total cost payable to the sponsor was HK$64,930,412.50, to be paid in three instalments.

After completing the transaction, the sponsor and investors will respectively hold 70% and 30% of the target company's issued share capital, while the shareholder loan rights will be held by the sponsor and 30% by the investor.

The deal will allow investors to participate in the project with the sponsor through their 30% interest in the target company. The target company indirectly owns the property, including five townhouses and parking spaces located in a prime location on the south side of Hong Kong Island.

The project includes the acquisition, refurbishment, ownership, management, and eventual sale of the property. The contracting parties intend to carry out renovation work on the property in accordance with the renovation works contract to be entered into.

The directors believe that the acquisition provides the Group with an opportunity to obtain a 30% interest in the project and participate in potential value creation from the refurbishment, ownership, management and eventual sale of the property.

The directors believe that the project is in line with the Group's investment strategy to find investment opportunities with the potential for capital appreciation and value creation. By utilizing the Group's available internal resources, it has enabled the Group to obtain Hong Kong real estate investment opportunities of an appropriate scale.

The directors also believe that the project has a complete business plan, a forward-looking and thorough asset appreciation plan, and a mature bank financing structure, which is expected to facilitate the effective implementation of the project, thereby enabling the Group to obtain attractive returns within an expected and reasonable time frame. The directors also believe that for 30% of the investor's investment, the regulations, information and funding arrangements under the agreement provide investors with appropriate rights and protection, while allowing the sponsor to retain responsibility for the day-to-day management of the project as the majority shareholder.