Cheng Shin Rubber Industrial (TPE:2105) board approved the liquidation of Cheng Shiin Toyo (Kunshan) Machinery, a 50%-held joint venture, according to a Wednesday filing with the Taiwan Exchange.
The tire maker had an indirect stake in the venture through its subsidiary, CST Trading and Cheng Shing International (HK).
The liquidation will streamline the company's corporate structure and optimize the use of group funds.
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