Hong Lai Huat Group has received 99.99% shareholder approval to sell its HLHI (Cambodia) and HLH Agriculture (Cambodia) assets for a price of US$1.5 million ($2.02 million) and US$36 million ($48.4 million) respectively.
According to the company, upon completion, proceeds from the sale will go towards strengthening its balance sheet.
“We are thankful to all our shareholders who came down this morning to vote for the sale of the Agriculture Division, this will allow the group to restructure its businesses in Cambodia to become a full suite real estate and property developer moving forward,” says executive deputy chairman and group CEO Ong Bee Huat.
Hong Lai Huat Group closed at 4.3 cents, up 2.38%.
