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Mobicon Group Limited ( (HK:1213) ) just unveiled an update.
Mobicon Group Limited has disclosed that an indirect non-wholly-owned subsidiary, MBM Properties (Proprietary) Limited, has acquired a residential property in Houghton, Johannesburg, South Africa. The unit, measuring about 214 square metres and comprising three bedrooms and associated living areas, was purchased from connected persons for R8.27 million, funded through the group’s internal resources.
The transaction is classified as a connected transaction under Hong Kong listing rules because the vendors, Mr. Moutinho and his spouse, are related to the group through shareholding and directorships in key subsidiaries. As the relevant percentage ratios fall between 0.1% and 5%, the deal is subject only to reporting and announcement requirements, signalling a modest-sized but formally reportable expansion of Mobicon’s South African asset base without necessitating shareholder approval.
More about Mobicon Group Limited
Mobicon Group Limited is a Bermuda-incorporated company listed in Hong Kong, operating through various non-wholly-owned subsidiaries. Its business structure includes Mobicon-Mantech and several related entities, indicating a diversified corporate presence, including operations in South Africa through units such as Mantech Electronics and MBM Properties.
Average Trading Volume: 45,000
Technical Sentiment Signal: Buy
Current Market Cap: HK$90M
See more insights into 1213 stock on TipRanks’ Stock Analysis page.