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Sinopipe to become cash company after proposed disposal of subsidiaries

PC Lee Published on Tue, Apr 04, 2017 / 11:44 AM GMT+8

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SINGAPORE (April 4): Sinopipe Holdings is on track to becoming a cash company after agreeing to dispose all its operating subsidiaries.

This came after the withdrawal of significant banking facilities in China caused the cessation of several production plants belonging to Sinopipe, forcing the company to dispose six subsidiaries including 99.4% owned Fujian Atontech, its principal subsidiary and the manufacturer and seller of plastic pipe fittings and related materials.

The other subsidiaries are 49% owned Sinopipe Guizhou, 35% Yunnan Aton, 3% Mongolia Aton, 30% Yatong Hubei and 25% Yatong Kaifeng.