China Environmental Resources (SGX:UIX, HKG:1130) has postponed the disposal of its wholly owned subsidiary, First Rank, from Dec. 23 to Jan. 3, 2025, according to a Monday filing with the Singapore Exchange.
This marks the second delay in the completion of the divestment, which was initially targeted for Dec. 9.
The extension was attributed to the purchaser, Wong Shing Chau, requiring additional time to review and consider the information and various documents provided by the company.
The disposal, first announced in May 2023, involves China Environmental Resources selling First Rank for HK$59.0 million.
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