Jinhui Holdings' (HKG:0137) indirect subsidiary, Jinshun Shipping, agreed to sell a vessel to Yuhe Shipping for approximately $8.3 million, according to a filing with the Hong Kong bourse on Wednesday.
Yuhe Shipping will make an initial payment of $826,000 within three business days of the agreement's signing. The remaining $7.4 million will be due between April 20 and May 31.
The vessel is also expected to be delivered between April 20 and May 31.
The proceeds received from the sale will be used as the company's working capital.
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