HK Stock Market Move | STAR SHINE HLDG (01440) rises over 5%; recently plans to sell all equity interests in Circle Time

STAR SHINE HLDG (01440) rose over 5%, up 5.43% as of press time to HK$16.32, with turnover of HK$4.6056 million. On the news front, STAR SHINE HLDG recently announced that the company intends to sell the entire issued share capital of Circle Time and transfer the sale loan to Wing Wai Investment Limited for a consideration of HK$58.7 million. As of the date of this announcement, Circle Time holds 50% of the issued share capital of Star Cypress, a joint venture established with Asia Partners responsible for organizing and operating CR7 Museum HK; and the entire issued share capital of Gold Machine, which operates the merchandise business related to CR7 Museum HK. The directors believe that the disposal will bring the following benefits to the Group: as the consideration will be fully settled by offsetting the shareholder loan owed by the Company to the buyer, the disposal will reduce the Group's debt and overall liabilities without additional cash outflow, thereby improving the Group's asset-liability position; given the current financial condition and operations of the disposal group, the disposal enables the Group to realize the value of the originally non-performing receivable loan under the sale loan; following the disposal, the financial results of the disposal group, including further losses and/or contingent liabilities arising from or related to legal proceedings, will no longer be consolidated into the Group's financial statements.