Referring to its disposal of seafood trading business at the end of 2009, China New Energy Power (HKG:1041) said that on 5 June 2012, it entered into the fifth supplemental deed with the purchaser (Sincerity Shine Holdings Limited) and the purchaser’s guarantor, pursuant to which the parties thereto agreed that the purchaser shall repay an owing amount of approximately HK$15.123 million due to the vendor on or before 28 June 2012.
The owning amount was caused by the disposal of seafood trading business at the end of 2009 to Sincerity Shine (owned as to 50% by Huang Yu Wei). The disposal was at an aggregate consideration of HK$43 million. A substantial portion of the balance of the consideration has now been repaid. The board considers that the owing amount would be recovered in due course notwithstanding the various time extensions in the past.
