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Pan Asian unit sells 35% interest in Tianjin subsidiary for 4.38m yuan
PAN Asian Holdings said on Monday its wholly owned subsidiary Duvalco Valves & Fittings Pte Ltd has agreed to sell a 35 per cent interest in its 60 per cent owned subsidiary DWK Valves (Tianjin) Co (DWKTJ) for 4.375 million yuan (S$912,000).
The sale and purchase agreement was entered into with purchaser Zhao Xiu Ying on April 25. DWKTJ is principally engaged in the manufacturing of valves and fittings.
"The Board has assessed that it is no longer necessary to maintain a majority stake in DWKTJ, hence the decision to divest a significant stake in DWKTJ to the purchaser," Pan Asian said in a filing.
"The proposed disposal will also allow the group to reallocate its resources to focus on its existing core businesses and any future business opportunity going forward with the aim of enhancing shareholders' value."