The consideration was based on Hua Yuan Sheng Industrial’s net tangible asset value as at July 31 and after negotiations between the parties.
Mainboard-listed InnoTek, through its wholly-owned subsidiary, Mansfield Manufacturing Company Limited, has disposed of its 70% stake in Hua Yuan Sheng Industrial Company Limited.
The company entered into a sale and purchase agreement (SPA) with HuaYuanSheng Metal, Plastic and Electronic Limited on Sept 30, where InnoTek will sell Hua Yuan Sheng Industrial Company for US$500,000 or $646,000.
