Leong Lap Kun and Lei Heng Lit entered into an agreement to acquire 61.39% stake in Space Financial Holdings Limited from Space Group Holdings Limited for HKD 4.6 million.

Leong Lap Kun and Lei Heng Lit entered into an agreement to acquire 61.39% stake in Space Financial Holdings Limited from Space Group Holdings Limited (SEHK:2448) for HKD 4.6 million on March 22, 2024. Leong Lap Kun will purchase 33 million of the total sale shares which constitute 30.69% and Lei Heng Lit agreed to purchase 33 million of the sale shares which constitute 30.70% stake. As at the date of this announcement, Leong Lap Kun holds 2.125 million shares of Space Financial representing approximately 1.98% equity interest in Space Financial.

Upon completion, Leong Lap Kun will hold 35.125 million shares of Space Financial representing approximately 32.67% of equity interest in Space Financial. Space Financial reported net asset value of HKD 6.01 million on December 31, 2023. The transaction is conditional upon all relevant agreements and legal documents for the transactions being executed, all permits, consents and approvals that are required for the disposal having been obtained, all representations and warranties given by the Vendor and the Purchasers under the agreement have remained true, complete and accurate from the date of the agreement to the date of payment of consideration and the financial conditions of the Vendor and the Purchasers have remained basically the same and no material adverse change has occurred from the date of the disposal.

Space Group Holdings will use the proceeds from the disposal for repayment of debts.