Grand Ming explores data center disposal after exclusivity period ends

Grand Ming Group Holdings Limited announced the signing of a non-legally binding indicative term sheet on September 22, 2025, for the potential disposal of its entire portfolio of four data center projects. This follows the expiration of an exclusivity period on September 15, 2025, related to an earlier potential transaction, for which no definitive agreement was reached. The new term sheet outlines the indicative terms for the "Potential Disposal," which includes the acquisition of 100% equity interests in Wellford Properties Holdings Limited (WPHL) and Wellford Properties Limited.

The total potential consideration for the Potential Disposal is HK$5.25 bn. This comprises an initial consideration of HK$4.05 bn for the WPHL Disposal, subject to adjustment, and a separate framework contemplating an additional consideration of up to HK$1.2 bn for the potential disposal of Wellford, also subject to adjustment. The transaction aims to improve Grand Ming's liquidity, deleverage its balance sheet, and reallocate financial resources for future growth.

The new Term Sheet includes a 90-calendar-day exclusivity period for the Intended Purchaser, with options for extension. The potential disposal is subject to various conditions precedent, including satisfactory due diligence, regulatory approvals, and consents from existing banks and customers of the data centers. The company cautions shareholders and potential investors that the Potential Disposal may or may not proceed.