Independent investors acquire majority stake in No Signboard

$500,000 transaction sees Gugong and Lim transfer a combined 55.03% stake three investors.

No Signboard Holdings announced today that its controlling shareholder, Gugong, along with Lim Yong Sim, have finalised the sale of their combined 55.03% stake in the company. 

The shares were sold to investors Wang Huan, Qi Aina, and Yang Ji Hui yesterday, under separate sale and purchase agreements.

The total consideration for the sale shares amounts to $500,000, with the completion of the transaction occurring on the same day. Following the transaction's completion, Gugong and Lim will no longer hold any shares in the No Signboard, relinquishing their status as controlling shareholders.

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Information provided to the company indicates that the purchasers are independent investors with business interests in China, acting autonomously from one another.

They do not possess the right to nominate directors to the company's board. Additionally, there are no known affiliations between the purchasers and Gugong, Lim, or any other substantial shareholders or directors of the No Signboard.

Regarding disclosure of interests, except for Lim, the executive chairman, who was the controlling shareholder before the transaction, the company's directors affirm that they have no direct or indirect interest in the transaction or its related matters.