Pak Tak International Completes Sale of Non-Core Business Unit
MT Newswires Live
Sep 25
Pak Tak International (HKG:2668) completed the disposal of Marvel Innovator and its subsidiaries after all conditions under the sale agreement were fulfilled, according to a Thursday filing with the Hong Kong bourse.
The disposal was settled through a HK$2 million cash deposit and a HK$100 million three-year promissory note.
Marvel Innovator's businesses include hotel management and catering, property investment and leasing, and supply chain operations.
The company said the transaction will allow it to exit non-core businesses and focus on its supply chain operations, including iron ore mining and milling.
Shares of the firm were down more than 3% in Friday afternoon trade.
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