Zhitong Finance App News, Innovation 3D (03388) announced that it has decided to participate in a public tender to acquire land use rights (proposed land acquisition) for a plot of land located in the South China Logistics Park, Minzhi Street, Longhua District, Shenzhen, Guangdong Province, as part of the company's investment plan to build its additive manufacturing business headquarters and innovation center (proposed project).
The proposed project aims to integrate R&D, product innovation, application development, demonstration, customer service and enterprise management functions related to the Group's additive manufacturing business. After successfully winning the bid for the proposed land acquisition, the company will be required to comply with relevant land planning, construction and other applicable regulations before proceeding with the proposed project.
As of the date of this announcement, the Company has not entered into any formal agreement or contract with the relevant competent government department regarding the proposed land acquisition. The proposed land acquisition is subject to the outcome of the public tender process and final approval by the relevant competent government department.
The Group is planning to build a new additive manufacturing headquarters and R&D innovation base on this site as part of the proposed project to support the Group's business expansion, technological innovation, operation improvement, talent recruitment, industry cooperation and long-term development.
The directors believe that the proposed transaction is in line with the company's development strategy and long-term business development. The consideration for the proposed land acquisition will be determined based on the market price of the relevant plot of land. This price will be assessed by a non-profit valuation agency organized by the municipal natural resources department in accordance with applicable regulations. Therefore, the directors believe that the proposed land acquisition is fair and reasonable and conforms to the overall interests of the Company and its shareholders.