UNIVERSAL TECH plans to acquire certain property rights in Guangzhou for a consideration not exceeding 260 million RMB

UNIVERSAL TECH (01026.HK) announced that its indirectly wholly-owned subsidiary, as the buyer, entered into a framework agreement with the seller on August 1. According to this agreement, the buyer (or another subsidiary designated by the buyer) intends to acquire the Dongshan Jinxuan Modern City commercial complex (the "Mall") located at No. 4 and No. 6 Nonglinxia Road, Yuexiu District, Guangzhou, for an indicative price not exceeding RMB 260 million (the same below) (subject to contract). The acquisition includes the entire basement level, part of the first floor, part of the fourth floor (including the mezzanine), part of the fifth floor, and part of the sixth floor, with a total floor area of approximately 8,900 square meters of retail and commercial property. Settlement is intended to be made through cash, promissory notes, equity, convertible securities, or a combination thereof.

According to the terms of the framework agreement, the buyer must pay a refundable earnest money of RMB 100 million to the seller (or as directed by the seller) upon signing the framework agreement. If the parties proceed to sign and complete a binding agreement, the earnest money will be used as part of the consideration for the proposed acquisition. The group intends to pay the earnest money from its internal financial resources