TCL Electronics Holdings' (HKG:1070) subsidiary TCL SEMP Indústria e Comércio de Eletroeletrônicos agreed to sell 75% of the issued shares of TCL SEMP Indústria e Comércio de Condicionadores de ar to TCL Home Appliances Holding, free and clear of all obligations and liens, for HK$208.0 million.

The seller also agreed to sell the remaining 25% of the issued shares of the target company to SEMP Amazonas, free and clear of all obligations and liens, for HK$69.3 million, a Tuesday Hong Kong bourse filing said.

Upon completion of the two share purchase agreements, the target company will cease to be a subsidiary of the company.

The group stands to make a gain of HK$38.9 million from the disposals and plans to use the proceeds for general working capital.