Tien Wah Press to Sell Tien Wah Press Services to Exit Banquet and Events Business

MT Newswires08-31

Tien Wah Press Holdings Berhad (KLSE:TIENWAH), a subsidiary of New Toyo International Holding, has agreed to sell a 100% stake in Tien Wah Press Services for 1 ringgit, according to a Friday filing to the Singapore stock exchange.

The subsidiary will be sold to Asia Regal Enterprises subject to certain terms and conditions.

The proposed disposal is part of the Malaysian company's plan to exit the banquet and events business undertaken by Tien Wah Press, which has negatively impacted the group's financial performance, the statement said.

The sale will help the company to recover the cost incurred for the renovation and fit-out works of the banquet business amounting to 14.1 million ringgit by December 2029.

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