First Fortune was an indirect subsidy of HG Metal established in Myanmar in 2019. Prior to its cessation of operations in February, the subsidiary had primarily operated a one-stop steel fabrication factory in Yangon, Myanmar.
HG Metal Investments (HGMI), a wholly-owned subsidiary of HG Metal Manufacturing (SGX:BTG
) , has disposed of its entire stake in its subsidiary First Fortune International Company for $2.4 million.
On Feb 13, HG Metal announced that HGMI had entered and completed a sale and purchase agreement for its shareholding of 51.04% or 30,486 ordinary shares in First Fortune with Aung Tin Htut, a citizen of Myanmar.
