MEDINET GROUP plans to sell all issued share capital of HKD 14.4 million in Hengquan
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MEDINET GROUP plans to sell all issued share capital of its wholly-owned subsidiary Hengquan for HKD 14.4 million. The transaction is expected to be completed on January 9, 2025, after which Hengquan will no longer be a wholly-owned subsidiary of the company, and its financial performance will no longer be consolidated into the company's accounts. Due to the impact of COVID-19, Hengquan's dental services business has faced significant challenges, resulting in ongoing losses. This sale will help MEDINET GROUP to liquidate assets, reduce costs, and enhance cash flow to develop its medical services business
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