Guangdong - Hong Kong Greater Bay Area Holdings (HKG:1396) agreed to sell its Zhuo Ying for HK$129.2 million to Guotai Cinda Investment Management, according to a Wednesday filing with the Hong Kong bourse.
The disposal aims to optimize resources and improve liquidity and is expected to yield a gain of HK$17.09 million.
The proceeds will be allocated for construction costs, loan repayments, and working capital.
Upon completion, Zhuo Ying will cease to be a subsidiary of the company.
The company's shares were up 12% at the end of trading.
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