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Kwong Man Kee Group Limited
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 8023)
DEVELOPMENT OF KMK-MIRAMAR HONG KONG OPPORTUNITY FUND
This announcement is made by Kwong Man Kee Group Limited (the “Company”, together with its subsidiaries, the “Group”) on a voluntary basis to keep its shareholders and potential investors informed of the latest business development of the Group.
The Company is always dedicated to improving the Group’s business operations and financial position by taking the initiative to explore potential investment opportunities. It is the objective of the board of directors (the “Board”) of the Company to execute strategic plans to diversify the Group’s current business portfolio, expand the source of revenue drivers, and to further amplify the value of the Company to be the stakeholders’ interests.
For the aforementioned reasons, the Company is pleased to announce that in June 2022, the Group has entered into a non-legally binding Memorandum of Understanding (“MOU”) with an Arizona (USA) based private investment and corporate management firm Miramar Capital, LLC. and its affiliate collectively (“MIRAMAR”), which aims to set up a special purpose vehicle being a real estate opportunity fund known as the “KMK-Miramar Hong Kong Opportunity Fund” (the “Fund”) to be jointly managed by the parties. Riding on the Company’s experience and knowledge in the Hong Kong real estate market and the construction industry, as well as the investment management experience from MIRAMAR, the Fund aims to explore, identify and potentially invest in various investment opportunities in the Hong Kong real estate market.2
The Board wishes to emphasize that the Group is still in the course of negotiation with MIRAMAR. The MOU may or may not lead to the entering into of a formal agreement with MIRAMAR and the proposed Fund contemplated thereunder may or may not proceed. Further announcements will be made by the Company as and when appropriate. As such, shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.
By Order of the Board
Kwong Man Kee Group Limited
Mr. Kwong Chi Man
Chairman and Executive Director
Hong Kong, 7 June 2022
As at the date of this announcement, the executive Directors are Mr. Kwong Chi Man, Mr. Yip Kong Lok and Mr. Yip Wai Man and the independent non-executive Directors are Ms. Yu Wan Wah Amparo, Mr. Law Pui Cheung and Mr. Wat Danny Hiu Yan.
This announcement, for which the directors of the Company collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the GEM of The Stock Exchange of Hong Kong Limited for the purpose of giving information with regard to the Company. The directors of the Company, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.
This announcement will remain on the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk on the “Latest Listed Company Information” page for at least 7 days from the date of its posting and the Company’s website at www.kmk.com.hk.