HK Stock Market Move | ENM HOLDINGS (00128) soars over 40%, suggesting to plan to sell Tsuen Wan Lo Wai land in the first quarter of next year and delist after distributing dividends.

ENM HOLDINGS (00128) rose by more than 40%, reaching a 42.5% increase to HK$0.57 at the time of reporting, with a turnover of HK$3.5794 million. In terms of news, ENM HOLDINGS announced its proposal to sell the Yindat land by tender and voluntarily delist, and to distribute dividends after the proposed sale of Yindat land is completed and before delisting. The amount will include the net proceeds from the proposed sale, certain cash reserves, and the net proceeds from the potential sale and/or redemption of financial assets. The company pointed out that the Yindat land, located at 10 Yindat Road, Lo Wai, Tsuen Wan in the New Territories, will be sold through a tender process. The tender process is planned to be launched in the first quarter of next year to align with the expected completion time of the road listing procedures, with the indicative target of completing the proposed sale in the third quarter of next year, with a book value of HK$320 million at the end of last year. After the proposed sale is completed, the shares will voluntarily delist from the Stock Exchange in accordance with the listing rules. To facilitate the proposed dividend distribution, it is proposed to establish sufficient reserves for distribution, including proposed share capital reduction, and apply to the High Court of Hong Kong to release a special reserve commitment of approximately HK$809 million.