Gelonghui, May 13, 丨 Swift Global Holdings (00540.HK) announced that on May 13, 2024, the seller (the company's indirect wholly-owned subsidiary) and the buyer Tianqin Industrial Co., Ltd. (an independent third party) entered into the agreement relating to the sale. Based on this, the seller agreed to sell and the buyer agreed to purchase 100% of the target company Agile Sweater (Cambodia) Co., Ltd., at a cost of HK$3.3 million.
On the date of the agreement and until completion, the target company was an indirect wholly-owned subsidiary of the company. It is a limited company incorporated in Cambodia in 2014, and is mainly engaged in providing clothing supply chain services.
Considering the financial performance of the target company and after reviewing its business and operating conditions, the board of directors believes that the sale is appropriate after considering factors such as increasingly fierce market competition, changing consumer preferences, uncertainty in the political environment where the operation is located, and the continuous increase in the target company's labor costs and other fixed costs. Once implemented, the sale will also enhance the Group's cash flow, improve the Group's liquidity, and reallocate resources for future development.