Tiong Seng (SGX:BFI) indirect wholly owned subsidiary, Tiong Seng (Tianjin) Project Management, has been liquidated, according to a Tuesday filing with the Singapore Exchange.
Shares of the company were down over 3% during early morning trade.
Following the liquidation, all assets and liabilities, along with the share capital of the subsidiary, were transferred to an indirect wholly owned subsidiary, Tiong Seng (Tianjin) SilverCare.
As part of the internal restructuring exercise, the registered capital of the subsidiary increased to 280 million yuan.
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