Golik : MAJOR TRANSACTION - DISPOSAL OF A SUBSIDIARY

About this update from Golik Holdings Limited

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. MAJOR TRANSACTION DISPOSAL OF A SUBSIDIARY Reference is made to the announcement dated 16 October 2019 of the Company in relation to, among others, the Letter of Intent regarding the Disposal. SP AGREEMENT The Board is pleased to announce that on 30 December 2019 (after trading hours), Fulwealth, a wholly-owned subsidiary of the Company, entered into the SP Agreement with the Purchaser, pursuant to which Fulwealth has conditionally agreed to sell, and the Purchaser has conditionally agreed to purchase, the Sale Share (being the only issued share in HK Steel Wealth) and the Sale Loan at the total Consideration of HK$138,000,000 in accordance with the terms and conditions of the SP Agreement. LISTING RULES IMPLICATIONS As one of the applicable percentage ratios as calculated under Rule 14.07 of the Listing Rules in respect of the Disposal exceeds 25% but all of them are less than 75%, the Disposal constitutes a major transaction for the Company under Chapter 14 of the Listing Rules and is therefore subject to the reporting, announcement, circular and shareholders' approval requirements thereunder. To the best knowledge, information and belief of the Directors, as at the date of this announcement, neither the Purchaser nor any of her close associates hold any Shares and therefore no Shareholder is required to abstain from voting on the proposed resolution to approve the SP Agreement and the transactions contemplated thereunder in general meeting of the Shareholders. Accordingly, the Company has obtained written approvals for the Disposal from Mr. Pang and Golik Investments, a company wholly owned by Mr. Pang, which hold 163,928,082 Shares and 201,666,392 Shares respectively, representing in aggregate approximately 63.65% of the issued share capital of the Company as at the date of this announcement, to dispense with the holding of a general meeting of the Company pursuant to Rule 14.44 of the Listing Rules. - 1 - GENERAL A circular containing, among other things, further details of the SP Agreeme...

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