InnoTek's (SGX:M14) subsidiary, Mansfield Manufacturing, agreed to dispose of its entire 70% stake in Hua Yuan Sheng Industrial to HuaYuanSheng Metal, Plastic and Electronic for $500,000, according to a Tuesday filing with the Singapore Exchange.
Shares of the company were down over 1% in Wednesday trading.
The subsidiary had been incurring losses recently and was facing a decline in export orders.
The disposal allows the company to strengthen its balance sheet and improve liquidity.
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