Fuxing China's (SGX:AWK) wholly owned subsidiary, Jade Star Group, entered into a conditional share purchase agreement with Liansheng New Materials for the disposal of its entire stake in Jinjian Jianxin Weaving, a filing with the Singapore Exchange said on Wednesday.
Total consideration of the subsidiary is 8.8 million yuan and will be completed within 90 business days from the date of a sale and purchase agreement.
Proceeds from the disposal will be used for the repayment of outstanding debt to the group and to improve immediate liquidity.
Shares of the Chinese zipper products seller were down nearly 5% in recent trading.
Price (SGD): S$0.19, Change: S$-0.0090, Percent Change: -4.50%
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