Solartech International Arm Sells 100% Stake in Subsidiary for 70 Million Yuan; Shares Up 19%

MT Newswires Live

03/10

Solartech International Holdings' (HKG:1166) subsidiary Modern China Enterprises sold the entire equity interest of Dongguan Hua Yi Brass Products to Dongguan Yinhua Industrial Investment for 70 million yuan, a Friday Hong Kong bourse filing said.

The expected net proceeds from the disposal are around 68.5 million yuan, which will be used to repay two outstanding bank loans and augment the group's general working capital.

The target ceased to be a subsidiary of the company after the completion.

Shares of the company soared nearly 19% in recent trade.

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