SOLOMON SYSTECH (02878) plans to acquire a Hong Kong property for HK$130 million

SOLOMON SYSTECH (02878) announces that on November 6, 2026, the buyer (a wholly-owned subsidiary of the Company) and the seller entered into a preliminary agreement, pursuant to which the buyer agreed to purchase and the seller agreed to sell the property for a consideration of HK$130 million. Under the terms of the preliminary agreement, the buyer and the seller will enter into a formal sale and purchase agreement for the property on or before November 23, 2026. Completion is expected to take place on or before December 21, 2026. It is understood that the property comprises office units at Rooms A1, A2, A3, A5, A6, A7, A8, A9, A10, A11, B1, B2, B3, B5, B6, B7, B8 and B9 on the 28th floor of 83 Wing Hong Street, Kowloon, Hong Kong. The saleable area of these office units is approximately 11,646 square feet. The Group is currently leasing the property for its own use and intends to relocate its offices to the property. The Board believes that the acquisition will be beneficial to the Group's long-term development, as it will reduce the Group's reliance on leased properties, thereby avoiding related long-term rental expenses and potential rental fluctuations. In addition, the acquisition will provide the Group with suitable premises to support its operational needs and future business growth.