Business
Antelope Enterprise Announces Agreement to Divest of its Ceramic Tile Business
Company Transforming into a Pure Play in the Social Ecommerce Market in China JINJIANG, China, Jan. 5, 2023 /PRNewswire/ -- Antelope Enterprise Holdings
About this update from Antelope Enterprise Holdings Limited
[{"type":"text","content":"Company Transforming into a Pure Play in the Social Ecommerce Market in China\nJINJIANG, China, Jan. 5, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (\"Antelope Enterprise\" or the \"Company\"), which operates KylinCloud, a leading online social ecommerce and live broadcast streaming platform with 200,000+ anchors and influencers, and a legacy ceramic tile manufacturing business in China, today announced that on December 30, 2022, it entered into a share purchase agreement (the \"Disposition SPA\") to divest of its ceramic tile manufacturing business. \n\n \n \n \n \n \n \n\n \n\"We are pleased to enter into this agreement which will enable us to to focus all of our resources and energies on China's high growth social ecommerce sector,\" commented Antelope Enterprise CEO Weilai 'Will' Zhang. \"The ceramic tile business has faced significant hurdles due to the significant slowdown of the real estate sector and the impacts of Covid-19 in China. Meanwhile, we have been experiencing strong growth momentum in KylinCloud, our social ecommerce business. Therefore, this divesture represents an important step for our strategic transformation to focus on developing the social ecommerce market, expanding our new ecommerce team and further strengthening our already dynamic corporate culture.\" \n\"Our KylinCloud subsidiary operates an SaaS+ systems platform that promotes and amplifies marketing sales for consumer brand companies by leveraging the platform's growing list of broadcasters and influencers. We believe that our core competencies and competitive advantage will enable us to capitalize upon the projected high growth of China's social ecommerce and live streaming sector for years to come,\" concluded CEO Will Zhang.\nOn December 30, 2022, the Company and New Stonehenge Limited (the \"Buyer\"), a British Virgin Islands exempt company which is not an affiliate of the Company or any of its directors or officers, entered into a Disposition SPA. Pursuant to the Disposition SPA, the Buyer agreed to purchase the Company's ceramic tile business, and in exchange the Buyer will issue a 5% unsecured promissory note (the \"Note\") to the Company with the principal amount of $8.5 million and a maturity date that is the fourth anniversary of its issuance. The 5% interest and the principal amount on the No...