Eindec Disposing of 100% Stake in Eindec Shenzhen

MT Newswires09-23

Eindec's (SGX:42Z) wholly owned subsidiary, Eindec Holdings, agreed to dispose of its entire 100% stake in Eindec Shenzhen, according to a filing with the Singapore Exchange on Friday.

Eindec Holdings is selling the stake for just 5 yuan in the wake of Eindec Shenzhen and its subsidiaries' net liability position of about SG$310,00. The stake is being sold to a private company incorporated in China, which specializes in infrastructure construction, environmental solutions and industrial manufacturing.

Eindec Shenzhen holds a 40% interest in Eadehealth Technology, a 100% owner of Eadehealth Smart Home Appliances and Eadehealth E-Commerce. Eadehealth Technology also holds a 51% stake in Eadehealth Fashion Accessories.

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