China Agricultural Ecology (08166.HK) announced that Tianji Gao, a wholly owned subsidiary of the company, plans to sell the entire issued share capital of Kangxin Global Investment, a target company, to XRE Delta Ltd for a consideration of 8 million yuan.
The target group is mainly engaged in investment holding and property development in Fuyu City, Jilin Province, China. The Group expects to recognise a loss of about $5.252 million on the sale and a net proceeds of about $7.9 million, which the company intends to use as general working capital.