WORLD SUPER (08612) subsidiary plans to sell used reverse circulation drilling rig and power unit for 2.5 million Hong Kong dollars.

WORLD SUPER (08612) announcement, on September 20, 2024, the seller Wei Liang (an indirect wholly-owned subsidiary of the company) and the buyer China Geology Engineering Group entered into a sales agreement, with the seller agreeing to sell and the buyer agreeing to purchase machinery (second-hand reverse circulation drilling rig and power unit) for a total price of 2.5 million Hong Kong dollars. The unaudited net book value of the machinery as of August 31, 2024 was approximately 3.5 million Hong Kong dollars. The Group expects to recognize an unaudited loss of approximately 1 million Hong Kong dollars from the sale, calculated based on the difference between the consideration received for the sale and the unaudited net book value of the machinery as of August 31, 2024. Considering that the machinery was acquired by the Group in 2014 and had an unaudited net book value of approximately 3.5 million Hong Kong dollars as of August 31, 2024, the directors believe that the sale provides an opportunity for the Group to realize the value of outdated machinery and generate additional operating funds. The directors believe that the sale will not have a significant impact on the Group's business and operations. The directors believe that the terms of the sales agreement are fair and reasonable, and that entering into the sales agreement is in the overall interest of the company and its shareholders.