The Board announces that on 31 August 2012, Burwill Minerals, a wholly owned subsidiary of the Company, entered into the Sale and Purchase Agreement with the Purchaser pursuant to which Burwill Minerals has conditionally agreed to sell and the Purchaser has conditionally agreed to acquire 70.12% of the issued share capital of the Target Company for a cash consideration of HKD 250,000,000. Immediately after completion of the Proposed Disposal, the Company will cease to own any interest in the Target Company.

As certain applicable percentage ratios, as defined under the Listing Rules, with respect to the Proposed Disposal are 25% or more but less than 75%, the Proposed 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 under the Listing Rules.

Subject to the fulfillment or waiver (as the case may be) of the conditions precedent in the Sale and Purchase Agreement, completion for the Proposed Disposal is expected to take place on the Completion Date.

Source - Burwill Minerals

(www.steelguru.com)