Mayer Holdings (HKG:1116) plans to dispose of its wholly owned subsidiary, Happy (Hong Kong) New City Group, for 1 yuan, according to a Wednesday filing with the Hong Kong Bourse.
The sale was finalized on March. 5, under a Sale and Purchase Agreement between the company's subsidiary, Elate Ample, and an independent third-party buyer. The decision follows financial struggles, legal disputes, and stalled redevelopment plans in Yuetang Village.
Upon completion, Mayer Holdings will no longer be interested in the subsidiary and will refocus on its steel business and energy storage ventures.
The date set for the completion of the sale is March. 12.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.