Examples of FCL in a sentence
Co-Lead is a special purpose vehicle incorporated in the British Virgin Islands in January 2014 with limited liability, engaged in holding 411,000,000 FCL Shares, representing approximately 32.7% equity interest in FCL as at the date of the Shares Swap Agreement.
Pursuant to the Shares Swap Agreement, Colour State agreed to sell 55,000,000 FCL Shares (representing approximately 4.4% direct equity interest in FCL) to Co-Lead in exchange for 550 new shares of Co-Lead (representing approximately 11.1% interest in the enlarged issued share capital of Co-Lead immediately upon completion of the Shares Swap Agreement, which in turn representing approximately 4.4% underlying equity interest in FCL) to be allotted and issued by Co-Lead.
On 6 July 2015 (after trading hours), Colour State, a direct wholly-owned subsidiary of the Company, entered into the Shares Swap Agreement with Co-Lead and West West, pursuant to which Co-Lead will allot and issue new shares of Co-Lead in exchange of the FCL Shares held by Colour State and West West respectively.
Further financial information of Co-Lead’s profitability since its incorporation in January 2014 is set out below: Profit before taxation 71,561 Profit after taxation 71,561 FCL is an indirect non-wholly owned subsidiary of Freeman, a company listed on the main board of the Stock Exchange.
The following is the financial information of the FCL Group for the accounting period ended 31 March 2014 and 31 March 2015 respectively, which was prepared in accordance with the Hong Kong Financial Reporting Standards:- Net profit before tax 472,211 585,920 Net profit after tax 429,396 583,174 Net assets 4,069,275 2,203,284 The carrying value of the Group’s investments in FCL was approximately HK$156.75 million as at 31 December 2014.