Memtech to record 21.7m yuan gain from sale of under-utilised Huzhou City land

Singapore

AUTOMOTIVE components supplier Memtech International has agreed to sell two pieces of land in Huzhou City, Zhejiang, for 41 million yuan (S$8.5 million) in cash as a divestment of under-utilised assets.

After paying an estimated two million yuan of taxes, Memtech expects to receive 39 million in net proceeds, which will be used for general working purposes and to undertake new investment opportunities that may arise in the future.