Haining Hengsen, a wholly-owned subsidiary of Kasen International Holdings Limited, has entered into a Property Transfer Agreement to dispose of land, including buildings and equipment, to Huafeng Economic Cooperative of Xieqiao Town, Haining City. The transaction amounts to RMB56,069,142. Haining Hengsen is primarily involved in the production of furniture and glass fiber-reinforced plastic products, as well as wood processing. The proceeds from this disposal will be allocated to the Group's general working capital.
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