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.