ST Palm announced that the company previously planned to transfer 80% of the shares in Haikou Zongdao and Haikou Zonghai to controlling shareholders, with a transaction amount of 258 million yuan to settle part of the debt. As of the announcement date, the Haikou Municipal Bureau of Gardens had not issued written documents agreeing to the transfer. Recently, the company and the transferee signed a supplementary agreement to exempt some of the prerequisites for the entry into force of the “Equity Settlement Agreement”, making it clear that during the transition period, the company is responsible for project management, and that the transferee has the right to financial review. If the company does not meet the relevant conditions before September 30, the transferee can cancel the agreement.

ST Palm announced that the company previously planned to transfer 80% of the shares in Haikou Zongdao and Haikou Zonghai to controlling shareholders, with a transaction amount of 258 million yuan to settle part of the debt. As of the announcement date, the Haikou Municipal Bureau of Gardens had not issued written documents agreeing to the transfer. Recently, the company and the transferee signed a supplementary agreement to exempt some of the prerequisites for the entry into force of the “Equity Settlement Agreement”, making it clear that during the transition period, the company is responsible for project management, and that the transferee has the right to financial review. If the company does not meet the relevant conditions before September 30, the transferee can cancel the agreement.