Hong Kong Tide Brand Retailer I.T Group Announced That

On January 20, the Hong Kong fashion brand retailer I.T group announced that on January 19, 2021, the offeror had received the decision of the General Administration of market supervision to approve the proposal and the plan unconditionally. Therefore, the preconditions for the implementation of the proposal and the plan have been reached.

On December 6, 2020, I.T group received the proposal of privatization of the company by the offeror in accordance with Article 99 of Bermuda company law, and has agreed with Brooklyn Investment Ltd. on the privatization plan.

The founder now holds 63.61% of the group's equity, and proposes to privatize and revoke the listing status by means of agreement arrangement. The 36.39% equity of the shareholders is privatized, involving about HK $1.306 billion.

As for the privatization plan, I.T. said that the write off price mainly took into account the challenging business environment faced by I.T. and its subsidiaries, the large amount of investment needed to revive the financial performance of I.T. and its subsidiaries, the financial performance and share prices of I.T. and its subsidiaries, as well as other privatization transactions in Hong Kong in recent years.