Hong Leong Asia to recognise S$43.5m loss from unit's revamp
Singapore
INDUSTRIAL conglomerate Hong Leong Asia expects to recognise a S$43.5 million loss from the deconsolidation of its consumer products unit following a court-sanctioned restructuring plan, the company announced on Tuesday.
Hong Leong Asia, the trade and industry arm of the Hong Leong Group, said that the Xinfei companies, which form its consumer products arm, are no longer a subsidiary of the group after the Xinxiang Intermediate People's Court approved a restructuring plan by administrators King & Wood Mallesons (Beijing) that took the responsibility for restructuring Xinfei out of Hong Leong Asia's hands.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama