LET Group subsidiary sells Hong Kong business
The assets of Faith Best Asia (HK) have been sold to an investment holding company.
Hong Kong.- LET Group Holdings has reported the sale of a business unit by one of its indirect wholly-owned subsidiaries. Faith Best Asia (HK)’s assets were sold to Great Promise Developments, an investment holding company, for HK$19.95m (US$2.6m).
Prior to ceasing its operations, Faith Best Asia primarily engaged in investment holding and was a wholly-owned subsidiary with no active business operations. While its assets were valued at CNY19.86m (US$2.7m), it incurred a loss of nearly HK$8.4m in the year ending October 24.
As a consequence of this disposal, LET Group anticipates a pre-tax unaudited loss of approximately HK$2.40m, representing the difference between the sale price and the assets held by Faith Best Asia. The parent company expects to receive pre-tax net proceeds of approximately HK$19.80m after expenses and intends to allocate the funds to general working capital.
A week ago, LET Group Holdings concluded the sale of its mainland Chinese mall operator Dongyang Xinguang Pacific Industrial for RMB20m (US$2.8m). This decision, resulting in a financial loss, was seen as a necessary step to channel resources toward the development of existing ventures.
