HK Stock Market Move | With Aero Tech (00232) up nearly 4%, the sale of the engine business has been approved by Germany. Some conditions still need to be met.

CON AERO TECH (00232) opened up nearly 4%, rising 3.61% to HK$0.43 as of the time of reporting, with a trading volume of HK$119.57 million. In terms of news, CON AERO TECH announced that on July 22nd, the company has received approval from the German Federal Ministry for Economic Affairs and Energy for the sale of all issued share capital of Motto Investment Limited. There are still several conditions precedent to be met or waived on or before the completion date, and the proposed transaction may not necessarily be completed or effective, so shareholders should trade their shares cautiously. It is understood that in June this year, CON AERO TECH announced its agreement to sell all issued share capital of its wholly-owned subsidiary Motto Investment Limited, which operates primarily in the general aviation aircraft piston engine business, with an estimated sale price ranging from $500 million to $520 million. The Board of Directors suggested that the sale price will be fully distributed as a special dividend on completion of the transaction, and the listing status of its shares will be revoked after completion.