01382.HK: Signing A Principled Agreement On Leasing Land In Vietnam Industrial Park

Mutual textiles (01382) announced that the company's plan to establish a new production base in Vietnam, the company's wholly owned Affiliated Companies, on the lease of about 31.2 hectares of land in the Nam Dinh Provincial Industrial Park in Vietnam, in December 27, 2019 signed a principled agreement with the lessor of one of the industrial parks in Nam Dinh, Vietnam.

According to the agreement, the cost will be about $11 million and not more than $12 million, or equal value, and will be settled with the Vietnamese shield. The transaction under the principle agreement is subject to the signing of a clear lease agreement. The lease agreement must meet certain prerequisites, including obtaining satisfactory results of due diligence, obtaining a number of permits and approvals, and setting up a new Affiliated Companies in the area.