News

The board of directors (the “Board”) of Magnus Concordia Group Limited (the “Company”) announces that a meeting of the Board of the Company will be held on Friday, 23 November 2018 for the purposes of, among other matters, approving the interim results of the Company and its subsidiaries for the six months ended 30 September 2018 and its publication, and considering the payment of an interim dividend, if applicable.

The Board is pleased to announce that on 8 October 2018 (after trading hours of the Stock Exchange), the Purchaser (a wholly-owned subsidiary of the Company) and the Company entered into the Agreement with the Seller and the Seller Guarantor, pursuant to which the Purchaser conditionally agreed to acquire, and the Seller conditionally agreed to sell, the entire issued share capital of the Target Company at the Consideration of HK$400 million in accordance with the terms and conditions of the Agreement. The Consideration shall be satisfied by: (i) the payment of the Deposit of HK$80 million within three (3) business days after the date of the Agreement; (ii) the allotment and issuance of 662,162,483 Consideration Shares at the Issue Price of HK$0.21 by the Company to the Seller on the Completion Date; and (iii) the payment of approximately HK$181 million by the Purchaser to the Seller in cash on the Completion Date, subject to retention of the tax payable by the Seller as required and estimated pursuant to relevant PRC tax laws in relation to the Acquisition. The Purchaser also agreed to pay, in addition, the Conditional Payment of up to HK$200 million to the Seller in proportion to the fulfillment of the Profit Target or of the Delivery Target, whichever is lower, in accordance with the terms and conditions of the Agreement.

The board of directors (the “Board”) of Magnus Concordia Group Limited (the “Company”) hereby announces that Ms. So Yee Kwan (“Ms. So”) has tendered her resignation as the company secretary of the Company (the “Company Secretary”) and ceased to act as (i) an authorized representative of the Company pursuant to Rule 3.05 of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and (ii) the agent of the Company for accepting service of process and notices on behalf of the Company in Hong Kong as required under Rule 19.05(2) of the Listing Rules (collectively, the “Authorized Representative”) with effect from 21 September 2018.

The board of directors (the “Board”) of Magnus Concordia Group Limited (the “Company”) is pleased to announce that all the resolutions proposed at the annual general meeting of the Company held on 24 August 2018 (the “AGM”) were duly passed by way of poll.

CHANGE OF COMPANY NAME, STOCK SHORT NAME, COMPANY WEBSITE AND COMPANY LOGO Reference is made to the announcement of Magnus Concordia Group Limited (formerlyknown as Midas International Holdings Limited) [...]