C C Land Holdings (HKG:1224) announced that it agreed to sell 100% issued share capital of Ensure Success Holdings Limited for a consideration of HK$20 million.

C C Land intends to apply the net proceeds from the disposal of HK$19.5 million as general working capital and expects that the disposal will result in an estimated loss before tax of HK$13.902 million.

Ensure Success is the registered and beneficial owner of 60% of the issued share capital of Hoi Tin Universal Limited which in turn is the registered owner of the entire equity interests in Hoi Tin Universal Travel Goods (Suzhou) Limited and the entire issued share capital of Young Comfort Development Limited, which is dormant.

Hoi Tin Universal Limited and Hoi Tin Universal Travel Goods (Suzhou) are engaged in the manufacturing and sale of luggage products.