Chuang's Consortium International's (HKG:0367) subsidiary Chuang's Properties International agreed to dispose of the entire issued share capital of Income Holdings to Chuang Industries for SG$12.6 million, a Friday Hong Kong bourse filing said.
The transaction also involves a transfer of a property comprising a factory complex located at 245 Jalan Ahmad Ibrahim, Jurong Town, Singapore, owned by Sintex, an 88.24% owned subsidiary of the target.
The net proceeds from the disposal come in at HK$69.1 million and are intended to replenish the group's working capital and improve its liquidity and financial position.
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