Crocodile Garments acquires new land in Zhongshan

30 Jun '06

3 min read

The board of directors of Crocodile Garments Limited announce that on 22nd June 2006, Zhongshan Crocodile Garments Limited a subsidiary of the Company, entered into an agreement for the acquisition of land located in Zhongshan City, Guangdong Province, the People's Republic of China at a consideration of RMB31,999,013.

The Directors of the Company consider that the Acquisition is fair and reasonable and in the best interest of the Company. The Acquisition is a discloseable transaction for the Company under the Listing Rules. The Company will send to shareholders a circular containing details of the Acquisition for their information as soon as practicable.

PARTIES:
Purchaser: Zhongshan Crocodile Garments Limited a subsidiary of the Company (the 'Purchaser')

Vendor: Zhongshan Hong Feng Real Property Consultancy Company Limited. To the best of the Directors' knowledge and information, the Vendor and its ultimate beneficial owner are independent third parties not connected with any of the connected persons of the Company (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the 'Listing Rules')).

LAND ACQUIRED
A piece of industrial-use land known as “Ping Pu” located at Wu Shi Village, Sanxiang Town, Zhongshan City, Guangdong Province, the PRC (the 'Land'). The Land has an area of 164.5527 mu (approximately 109,701.8 square metres).

The Land currently is a vacant site.
Under the Agreement, the Vendor has warranted that the land use right certificate will be obtained in the name of the Purchaser. If the land use right certificate cannot be obtained, all money paid to the Vendor shall be returned to the Purchaser with interest.

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