Solartech International Arm to Divest 100% Stake in Subsidiary for 70 Million Yuan

MT Newswires Live

2024/11/21

Solartech International Holdings' (HKG:1166) subsidiary Modern China Enterprises agreed to sell the entire equity interest of Dongguan Hua Yi Brass Products to Dongguan Yinhua Industrial Investment for 70 million yuan, a Wednesday Hong Kong bourse filing said.

The company stands to gain a little over 28.7 million yuan from the disposal.

The expected net proceeds from the disposal will be around 68.5 million yuan, which will be used to repay two outstanding bank loans and augment group's general working capital.

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