Kam Hing International Holdings (02307) announced that on July 18, 2024, Kam Hing Cloth Co., Ltd., an indirect wholly-owned subsidiary of the company, will become Jasan Global Pte. Ltd. sold all of its shares in Great Market Global Viet Nam Company Limited* for $10.276 million. The Group is expected to earn approximately $4.0683 million in unaudited proceeds from the sale.
According to reports, the target company is a company established in Vietnam. It is mainly engaged in property ownership and holds land use rights for the target land. The target land is located in CN1 section of Baoming Industrial Park, Wuben County, Nam Dinh Province, Vietnam. The site area is 101,161 square meters.
The Board believes that the sale will enable the Group to realise its investments in target companies and generate revenue. By profiting from the sale, the Group will be able to reallocate resources for other investment opportunities in Vietnam and its overall business expansion plans.