SMJ International Holdings completes disposal of carpet business

SMJ International Holdings has completed the disposal of its carpet business, SMJ Furnishings.

The group, which plans to rebrand itself as a property company, announced on Tuesday evening that the disposal was approved by shareholders at the extraordinary general meeting held on Dec 26.

All conditions precedent to the sale and purchase agreement have been satisfied, apart from that relating to the execution of a new service agreement with Peng Weile, which has been waived as announced on Nov 29, said SMJ International Holdings.

Accordingly, the disposal was completed on Jan 16, and SMJ Furnishings ceased to be a unit of the company.

SMJ International Holdings in December announced board changes in accordance with the disposal.

The changes include the resignation of its executive director and chief operating officer, Lee Lay Choo, and redesignation of executive director and chief executive Ho Pei Yuen Rena to non-executive director. Peng Fei has been re-designated from non-executive director to executive director and chief executive of the company.