Asia Standard International Group's (HKG:0129) subsidiary, Miracle Point Ventures, agreed to dispose of 932,613 A shares in Z Babylon AS Investments to two parties for $21.4 million, a joint bourse filing with Asia Orient Holdings (HKG:0214) said on Monday.

The target is a special-purpose vehicle and solely holds 100% equity interest in Amer Sports. The to-be-sold shares represent 98.2% of the total issued share capital of the target.

After the completion, the company will cease to have any interest in the target company.

The proceeds from the disposal are intended for the general working capital of the company and Asia Orient Holdings.