Mayer to Dispose of Struggling Subsidiary for 1 Yuan

MT Newswires Live

03-06

Mayer Holdings (HKG:1116) plans to dispose of its wholly owned subsidiary, Happy (Hong Kong) New City Group, for 1 yuan, according to a Wednesday filing with the Hong Kong Bourse.

The sale was finalized on March. 5, under a Sale and Purchase Agreement between the company's subsidiary, Elate Ample, and an independent third-party buyer. The decision follows financial struggles, legal disputes, and stalled redevelopment plans in Yuetang Village.

Upon completion, Mayer Holdings will no longer be interested in the subsidiary and will refocus on its steel business and energy storage ventures.

The date set for the completion of the sale is March. 12.

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