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United Food receives 70m renminbi offer for partially-suspended subsidiary Post-Ante
SOYABEAN products and animal feed supplier United Food Holdings has received an offer to sell its wholly owned subsidiary Post-Ante Trading Ltd for 70 million renminbi (S$14.3 million).
Post-Ante and its subsidiaries have partially suspended their operations for the past two years due to various issues encountered including the implementation of environmental policies in China.
The sale, terms for which will be negotiated in the next 30 days, will be made to Financial Services Company for Innovative Industry in China Ltd, an investment and asset management company incorporated in Hong Kong.
United Food said the proceeds will be used for working capital and future investments.