Sheen Tai Holdings Group's (HKG:1335) subsidiary sent a letter of termination to Huaian Daxing Internet of Things Technology to terminate its sale of the 100% equity interest in Jiangsu Sheen Colour Science Technology, a Monday Hong Kong bourse filing said.
The event occurs after the purchaser failed to pay the 50 million yuan as agreed under the agreement.
The vendor has now agreed to sell the 100% equity interest in the target company to Jiangsu Mofisi Weaving for 22 million yuan.
The proceeds from the disposal are intended to be used for the general working capital of the group.
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