Art Group (HKG:0565) unit Right Lane International agreed to sell Max High International to Chen Wenlan for HK$1.
The target, incorporated in the British Virgin Islands, engages mainly in the property operating business in China.
The target group has recorded consecutive net losses for three years and has liabilities of HK$128.7 million as of June 30.
The disposal will allow the company rationalize its asset and resource allocation and boost its overall financial flexibility.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.