SANBASE CORP: Plans to sell all equity of SANBASE China Holdings for HKD 1.8 million
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SANBASE CORP plans to sell all the equity of ZHANGHUANG CHINA HOLDINGS LIMITED held by its wholly-owned subsidiary 1017 Company Limited for HKD 1.8 million. After the sale, the company will no longer have any interests in the target company. The target company primarily invests in a 65% equity stake in a Chinese subsidiary, which has been continuously losing money due to the recent economic environment. The board believes that the sale will alleviate financial pressure and concentrate resources to seek other growth opportunities to enhance the company's long-term sustainability
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