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Chasen Holdings to sell 60% of wholly-owned unit for 9.6m yuan
CHASEN Holdings has inked an agreement to sell 60 per cent of wholly-owned management consultancy firm EONS Global Holdings (EGH) for 9.6 million yuan (S$1.97 million) to Macherie Jewellery (S) Pte Ltd.
The company said that the disposal took into consideration EGH's financial positions and business prospects.
In addition, the transaction will enable the company to bring on board a " local PRC party that would be better positioned to resolve the various operational issues with the local authorities that had to date impeded the progress of the commercial operations and profitability of this subsidiary", it said in an announcement to the exchange.
Macherie Jewellery is solely owned by Singapore resident Gong Hanxian who is a PRC national with substantial local business interests in Jilin City where the operation of Eons Global Water (JL) Co Ltd (EGW) is located.
Chasen Holdings said that since April 2016, Mr Gong has been working to resolve the operational issues of EGW with the local authorities.
EGH's principal activities are in the provision of management consultancy services to EGW, its operating subsidiary in Jilin city, China.