China Gogreen to dispose of medical unit

Feb 5, 2013 - China Gogreen Assets Investment Ltd (HKG:0397) said today it had agreed to sell its healthcare services unit Luck Key to Computech Holdings Ltd (HKG:8081) seeking to back its core downstream solar power business.

The company, together with Luck Key's other shareholders Town Health BVI Ltd and Fung Yiu Tong, Bennet, have signed a memorandum of understanding (MOU) for the possible sale of Luck Key in an all-cash transaction. China Gogreen holds some 47.89% in the target entity.

As part of the contract, Computech Holdings will be able to asses and examine Luck Key's operations and its divisions. The parties also agreed on a period until May 4 that restricts the seller from entering a sale and purchase contract for the target entity with third parties.

This is the third deal China Gogreen undertakes this year in order to support its solar power operations. At the end of January it disposed of several properties in Hong Kong for HKD 70 million (USD 9m/EUR 6.7m) in cash, booking a gain of HKD 29 million. Just yesterday it said it had agreed to offload a Virgin Islands-based unit that owns a property in Hong Kong for HKD 43 million in cash.

(HKD 1.0 = USD 0.129/EUR 0.095)

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