Weiye Holdings (HKG:1570) is set to raise SG$2.9 million from the sale of its 66.76% stake in Singapore-listed Eindec Corporation (SGX:42Z), a Wednesday Hong Kong bourse filing said.
The residential and commercial property developer will sell 71.9 million shares in Eindec to Zhang Wei, Zhuang Xin and Henan Weiye Huishenghuo Service.
The target company will cease to be a subsidiary of the company after the completion of the transaction.
Weiye expects to book a loss of about SG$829,000 from the deal and plans to use the proceeds for its general working capital.
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