Pan Asia Data Holdings (HKG:1561) agreed to sell its entire stake in subsidiary Pan Asia Data (BVI) to Timenew, according to a Thursday filing with the Hong Kong bourse.
The decision follows persistent financial losses and regulatory challenges faced by Pan Asia Data. The disposal aims to improve the company's financial position and reduce future liabilities.
Upon completion, the subsidiary will no longer be consolidated into Pan Asia Data's financial statements. Shareholders will vote on the transaction at an extraordinary general meeting, with a circular expected to be issued by April 22, the filing added.
The company expects to record an estimated gain of about HK$7.6 million from the disposal, according to the filing.
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