Raffles Interior (HKG:1376) agreed to dispose of the entire stake in China Soft Drinks to a Singapore-based entity on an as-is basis for a nominal amount of HK$1, a Tuesday Hong Kong bourse filing said.
The target company holds 51% shareholding in a certain Chinese subsidiary which has been making a loss as opposed to the profit guarantee provided by its original vendor.
The company also suspects potential fraud, misrepresentations, and breaches of representations and warranties under the original acquisition agreement, and hence to limit its downside risk in connection with the acquisition, the company has decided to dispose of the target company.
The group expects to record an impairment loss of SG$5.3 million from the disposal in the profit or loss for 2024.
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