Asia Fashion zooms in on materials business (Amended)

Singapore

WITH the proposed disposal of its loss-making and beleaguered fabric business, Singapore-listed Asia Fashion Holdings is now shifting gears to focus entirely on developing its new magnesium-based construction panel business.

In June this year, the company had acquired a 49 per cent stake in China Construction Material Hong Kong (CCMH) to turn around the company, which had suffered a series of setbacks from its fabrics business in 2013.

A few months later in September, Asia Fashion had also entered into a S$2.4 million sales and purchase agreement to dispose of its fabric business Qianfeng International, which will be contingent upo…