Miyoshi Limited Announces Proposed Disposal of Core Power (Fujian) New Energy Automobile Co., Ltd.

Key Points of the Announcement

• Transaction Details: Miyoshi Limited has entered into a Sale and Purchase Agreement (SPA) to dispose its entire 42.11% stake in Core Power (Fujian) New Energy Automobile Co., Ltd. (“Core Power”) for RMB4,000,000. The SPA was signed on 15 June 2026.
• Nature of Asset: The investment in Core Power has been fully impaired since FY2020 and is carried at S\$Nil value in Miyoshi’s books. Despite this, the disposal will yield a cash inflow and a gain of approximately RMB4,000,000 (S\$0.76 million).
• Core Power Background: Core Power was incorporated in China in November 2013, focusing on light electric vehicles. Its core business has been dormant since February 2020.
• Shareholding Structure: After disposal, the Purchaser will own a majority stake, with Miyoshi exiting completely.
• No Independent Valuation for Disposal: No independent valuation was conducted for the disposal, but prior valuation for FY2025 assessed Core Power’s market value as S\$Nil.
• Completion and Payment Terms: Purchaser will pay RMB4,000,000 in cash before 30 July 2026. Completion is contingent on full payment.
• Capital Contribution: Miyoshi has paid RMB78.6 million of its RMB80.0 million registered capital in Core Power, with RMB1.4 million outstanding. The Purchaser assumes this capital obligation post-completion, relieving Miyoshi of further liabilities.
• Use of Proceeds: The net proceeds (RMB4.0 million) will be used for general working capital needs of Miyoshi Group.
• Financial Impact: The disposal will increase Miyoshi’s Net Tangible Assets (NTA) per share from 2.00 to 2.08 Singapore cents and reduce loss per share from 0.26 to 0.17 Singapore cents.
• SGX Catalist Rule Implications: The relative figure for the transaction is 12.5% (Rule 1006(c)), classifying it as a “discloseable transaction” that does not require shareholder approval.
• Conflict of Interest: No directors or controlling shareholders have any interest in the disposal, other than their capacity as shareholders and directors.
• Regulatory Caution: Completion is subject to SPA conditions. Shareholders are advised to exercise caution as there is no certainty the transaction will be completed.

Important Shareholder Information & Potential Price Sensitivity

• Significant Cash Inflow: The disposal will convert a dormant, fully impaired asset into a meaningful cash inflow and reported gain, positively impacting Miyoshi’s balance sheet and loss position.
• Improved Liquidity: The cash proceeds will be used for general working capital, potentially strengthening the company’s financial position.
• Strategic Shift: Miyoshi exits from the electric vehicle segment in China, which may indicate a strategic focus elsewhere or a move to streamline operations.
• No Further Liabilities: Miyoshi will be fully discharged from any registered capital contribution obligations in Core Power after completion, removing contingent liabilities.
• Transaction Uncertainty: Completion is contingent on SPA conditions, so there is risk the deal may not close. Shareholders should monitor for further announcements.
• Potential Share Price Movement: The disposal transforms a non-performing asset into cash, improves key metrics, and removes future obligations. These changes may positively influence investor sentiment and Miyoshi’s share price.

Full Financial Effects and Regulatory Details

• NTA per share: Before disposal: S\$0.0200; After disposal: S\$0.0208.
• Loss per share: Before disposal: S\$0.0026; After disposal: S\$0.0017.
• Transaction Size: The total value (including unpaid registered capital) is RMB5,359,000 (~S\$1,016,000), representing 12.5% of Miyoshi’s market capitalisation.
• Inspection of SPA: The SPA is available for inspection at Miyoshi’s registered office for three months from the announcement date.

Caution & Next Steps

• Shareholders are advised to exercise caution in trading Miyoshi shares pending completion of the SPA.
• The company will provide further updates as material developments occur.

Disclaimer

The above article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should consult their financial, tax, legal, or other professional advisors before making any investment decisions. Miyoshi Limited’s transaction is subject to completion conditions and may not proceed as planned.

三芳有限公司宣布拟出售中科动力（福建）新能源汽车有限公司股权

公告要点

• 交易详情：三芳有限公司已与买方签署股权转让协议（SPA），拟将其持有的中科动力（福建）新能源汽车有限公司42.11%股权以400万元人民币出售。SPA于2026年6月15日签署。
• 资产性质：三芳对中科动力的投资自2020财年起已全额减值，在账上价值为零。此次出售将带来现金流入和约400万元人民币的处置收益（约76万新元）。
• 中科动力背景：中科动力于2013年11月在中国成立，主营轻型电动车业务，自2020年2月起核心业务处于休眠状态。
• 股权结构变化：出售后，买方将成为主要股东，三芳完全退出。
• 估值情况：此次处置未聘请独立估值，但2025财年相关估值报告认为中科动力市场价值为零。
• 完成和付款条款：买方将在2026年7月30日前以现金支付400万元人民币，交易完成以全额支付为前提。
• 资本缴纳：三芳已缴纳注册资本8,000万元中的7,860万元，尚有140万元未缴。买方将承担该部分资本责任，三芳将被免除后续义务。
• 资金用途：预计净收益约400万元人民币，将用于集团一般营运资金。
• 财务影响：处置将使三芳每股净有形资产由2.00新分提升至2.08新分，每股亏损由0.26新分减少至0.17新分。
• 新交所规则：交易相对值为12.5%，属于“需披露交易”，无需股东大会批准。
• 利益冲突：董事及控股股东无直接或间接利益，仅以股东或董事身份参与。
• 监管提醒：交易完成需满足SPA条件，存在未完成风险。股东需关注后续公告。

重要股东信息及潜在价格影响

• 重大现金流入：此次出售将休眠资产变为实际现金流入和收益，对三芳资产负债表和亏损状况有正面影响。
• 流动性提升：资金将用于集团营运，增强财务实力。
• 战略调整：三芳退出中国电动车业务，或表明战略重心调整。
• 无后续义务：交易后三芳将完全免除中科动力注册资本缴纳责任。
• 交易不确定性：交易完成受SPA条件约束，存在风险，股东需密切关注。
• 股价可能波动：资产处置带来现金流入、改善财务指标、解除负债，可能提升投资者信心和股价。

完整财务影响与监管细节

• 每股净有形资产：处置前：2.00新分；处置后：2.08新分。
• 每股亏损：处置前：0.26新分；处置后：0.17新分。
• 交易规模：包括未缴资本，交易总值为人民币535.9万元（约101.6万新元），占公司市值12.5%。
• SPA查阅：SPA协议可在公司注册办公室查阅三个月。

股东须注意事项与后续安排

• 股东在交易完成前应谨慎买卖三芳股份。
• 公司将及时通报重大进展。

免责声明

本文仅供参考，不构成投资建议或买卖证券的推荐。投资者应在做出投资决策前，咨询其财务、税务、法律或其他专业顾问。三芳有限公司此次交易尚需满足相关条件，可能不会顺利完成。

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