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Voluntary Announcement Disposal of Interest in A Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. VOLUNTARY ANNOUNCEMENT DISPOSAL OF INTEREST IN A COMPANY HOLDING PROPERTY IN NANJING BY A SUBSIDIARY This announcement is made by the Group on a voluntary basis. The Board is pleased to announce that upon the completion of listing procedures ( 公開 掛牌程序), the Project Company and Long Profit Group entered into the Property Right Transaction Contract (《產權交易合同》) in relation to the disposal of the Lifang Equity on 10 March 2014. The consideration of the Lifang Equity amounted to RMB902.3003 million (equivalent to approximately HK$1,154.9444 million). Lifang Real Estate is a wholly-owned subsidiary of the Project Company in which a wholly-owned subsidiary of the Company, MCC Real Estate, holds 98.52% equity interest. — 1 — Since each of the applicable percentage ratios in respect of the disposal is below 5%, the disposal does not constitute a notifiable transaction of the Company under Chapter 14 of the Listing Rules and this announcement is made by the Company on a voluntary basis to advise the shareholders of the Company and the public on the latest development of the Group. Reference is made to the announcement of the Company dated 20 September 2010. The parcel held by Lifang Real Estate is part of the Land No. 1 of Binjiang, Nanjing which was obtained through public auction by the Project Company. Lifang Real Estate is a wholly-owned subsidiary of the Project Company in which a wholly-owned subsidiary of the Company, MCC Real Estate, holds 98.52% equity interest. Particulars of the TRANSACTION Property Right Transaction Contract The Board is pleased to announce that upon the completion of the listing procedures, the Project Company and Long Profit Group entered into the Property Right Transaction Contract in relation to the disposal of the Lifang Equity on 10 March 2014. Date of the Property Right Transaction Contract 10 March 2014 Parties to the Property Right Transaction Contract (1) the Project Company (as the seller of the equity interest) (2) Long Profit Group (as the transferee of the equity) — 2 — To the best of the Directors’ knowledge, information and belief after having made all reasonable enquiries, the Directors confirm that Long Profit Group and its beneficial owner(s) are third parties independent to the Company and its connected persons. The Disposal Long Profit Group agrees to purchase, and the Project Company agrees to dispose the Lifang Equity, representing 100% of the registered capital of Lifang Real Estate. Upon the completion of the Lifang Real Estate Transaction, Lifang Real Estate will no longer be a subsidiary of the Company and the Company will not hold any equity interest in Lifang Real Estate. INFORMATION ON THE DISPOSED COMPANY Lifang Real Estate Lifang Real Estate was established on 15 November 2013 with registered capital of RMB413.88 million (equivalent to approximately HK$529.7664 million) and it engages in the development and operation of real estate, business operation and management, property management, hotel operation and management, shop leasing and sale of commercial residential buildings. Its major asset is Parcel 09-09 which is to be developed. Parcel 09- 09 locates to the west of Jiangbian Road, Gulou District of Nanjing City and covers a total area of 13,220.11 square meters. It is planned to be used for commercial and office purposes with a planned gross floor area of 85,930.72 square meters. Among which, the service apartment area shall not exceed 30% of the land area used for commercial and office purposes. Parcel 09-09 is part of the Land No. 1 which was obtained by the Project Company through public auction on 19 September 2010. Pursuant to the evaluation results of the Jiangsu branch of ZhongHe Appraisal Co., Ltd., as at 17 January 2014, the book value of the net assets of Lifang Real Estate amounted to RMB413.8803 million (equivalent to approximately HK$529.7664 million), while its appraised value amounted to RMB902.3003 million (equivalent to approximately HK$1,154.9444 million). — 3 — Based on the audit results of Jiangsu Gongzheng Tianye Certified Public Accountants Co., Ltd., the loss of Lifang Real Estate for the year of 2013 amounted to RMB1,400 (equivalent to approximately HK$1,800). According to the financial statements of Lifang Real Estate, its operating profit and net profit both were RMB1,600 (equivalent to approximately HK$2,000) for the period from 1 January 2014 to 17 January 2014. CONSIDERATION AND TERMS OF PAYMENT The consideration of the Lifang Equity amounts to RMB902.3003 million (equivalent to approximately HK$1,154.9444 million. The aforementioned consideration was reached through listing procedures at Shanghai United Assets and Equity Exchange by Long Profit Group. The listing procedures were conducted in accordance with the laws and regulations of the PRC. The transaction deposit converted directly as part of the transaction consideration of the property right, while the transferee shall pay the balance of the transaction consideration of the property right by lump-sum payment to the bank account designated by Shanghai United Assets and Equity Exchange within three working days commencing from the following day of the effective date of the contract. REASONS FOR THE TRANSACTION After obtaining the land use right of the Land No. 1 and the Land No. 3 on 19 September 2010 through public auction, the Project Company has been carrying out relevant tasks in an active manner. Given the large-scale and long development cycle of the Land No. 1 and the Land No. 3, MCC Real Estate and the Project Company will prioritize the development of the Land No. 3 and intend to introduce other parties to participate in the development of the Land No. 1 in accordance with the development plan specified in the project plan, or to dispose the land through equity listing procedures at different stages in order to safeguard the return on investment of the project. The Lifang Real Estate Transaction helps to increase the cash inflow of the Company, reduce the accounts receivable and the interest-bearing debt. The Lifang Real Estate Transaction is a transfer at premium. Based on the consideration of transfer and the book value of the Lifang Equity, it is expected that the Group will record net profit of approximately RMB215 million (unaudited, equivalent to approximately HK$275 million) after the completion of the Lifang Real Estate Transaction. — 4 — All the funds raised from the Lifang Real Estate Transaction will be used for replenishing the operating capital and the development of other real estate projects of MCC Real Estate. The Board of the Company is of the view that the terms of the Lifang Real Estate Transaction are on normal commercial terms, fair and reasonable, and are in the interest of the Company and its shareholders as a whole. LISTING RULES IMPLICATIONS As each of the applicable percentage ratios in respect of the disposal is below 5%, the disposal does not constitute a notifiable transaction of the Company under Chapter 14 of the Listing Rules and this announcement is made by the Company on a voluntary basis to advise the shareholders of the Company and the public on the latest development of the Group. GENERAL The Group is a large conglomerate operating in various specialized fields, across different industries and in many countries, with engineering and construction, equipment manufacturing, resources development, and property development as its principal businesses. The Group has core competency in innovation and industrialization of technology and strong construction capabilities in metallurgical engineering. MCC Real Estate is a wholly-owned subsidiary of the Company. The purchaser of Lifang Real Estate is Long Profit Group, which was incorporated in Hong Kong in December 2013, with property investment as its principal business. — 5 — DEFINITIONS In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings: “Board” means the board of directors of the Company; “Company” means Metallurgical Corporation of China Ltd.*, a joint stock limited company with limited liability incorporated under the laws of the PRC on 1 December 2008; “Director(s)” means the director(s) of the Company; “Group” means the Company and its subsidiaries; “Hong Kong” means Hong Kong Special Administrative Region of the PRC; “HK$” means Hong Kong dollar, the lawful currency of Hong Kong; “Listing Rules” means the Rules Governing the Listing of Securities on the Stock Exchange; “Lifang Equity” means the 100% equity interest in Lifang Real Estate to be disposed by the Project Company pursuant to the Property Right Transaction Contract entered into with Long Profit Group on 10 March 2014; “Lifang Real Estate” means Nanjing Lifang Real Estate Co., Ltd. ( 南京立方置 業有限公司), a limited liability company incorporated in the PRC; — 6 — “Lifang Real Estate means the transaction that the Project Company transfers Transaction” the 100% equity interest it holds in Lifang Real Estate; “Land No. 1” means the land parcel no. 1 of an area of 353,664.3 square meters locates to the west of Jiangbian Road, Binjiang, Xiaguan District (has been merged into Gulou District), Nanjing City, of which the land use right was obtained by the Project Company through public auction on 19 September 2010; “Land No. 3” means the land parcel no. 3 of an area of 313,879.4 square meters locates to the west of Jiangbian Road, Binjiang, Xiaguan District (has been merged into Gulou District), Nanjing City, of which the land use right was obtained by the Project Company through public auction on 19 September 2010; “Long Profit Group” means Long Profit Group Co., Ltd.
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