Midas says judicial manager trying to sell unit's assets against its will

Singapore

THE judicial manager of the principal operating subsidiary of troubled railway parts maker Midas Holdings is trying to sell its assets without the group's consent, the group said on Tuesday.

According to a report seen by the group dated Jan 5, Jindou Investment Holding Group (Jindou Group) had signed an agreement with Jilin Province Qiming Bankruptcy Liquidation Co, the judicial manager of Jilin Midas, to acquire Jilin Midas's assets for 1.76 billion yuan (S$352 million) on Dec 30, 2018.