Green Build Technology to dispose of packaging business

GREEN Build Technology has entered into a conditional sale and purchase agreement to sell its packaging business to Youcan Foods (Hangzhou) Co Ltd for 38.95 million yuan (S$8.47 million)

Green Build, formerly known as Youyue International, entered the sustainable energy business late last year and changed its name. It has engaged in manufacturing and selling flexible packaging products since December 2007, with operations mainly located in Haining City, Zhejiang Province in China.

It had earlier entered into a put option to dispose of the packaging business, and decided to exercise it as it intends to focus on the green technology business. Profit generated by the packaging business had also been steadily decreasing yearly, it noted.