Seagull Kitchen and Bath Products to Offload Subsidiary for 174 Million Yuan

MT Newswires Live12-10

Guangzhou Seagull Kitchen and Bath Products (SHE:002084) plans to dispose of subsidiary Zhejiang Seagull Youchao Integrated Bathroom for a consideration of 173.8 million yuan, according to a Shenzhen bourse filing on Wednesday.

Ningbo Longjuanfeng Investment Partnership (Limited Partnership) will buy the entire 100% stake of Seagull Youchao, which is held by both the company and its subsidiary, Zhuhai Cheng'ou Sanitary Ware.

The consideration consists of an equity transfer price of 155 million yuan and a creditor's rights transfer price of 18.8 million yuan.

The kitchen and bathroom products manufacturer's shares dropped over 2% during the midday trade.

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