According to reports, Xingda International (01899-HK) announced that it sold its 30 million shares of Guizhou Tire (000589-CN) to an independent third party, accounting for 3.87% of the issued share capital of Guizhou Tire, involving funds of approximately 265.5 million. Yuan (RMB. The same below), the net profit attributable to owners of the company is about RMB 74.491 million.
The Disposal represents a good opportunity to realise its investment in Guizhou Tire at a reasonable price and will further strengthen the Group's financial position and improve cash flow, and intends to use the proceeds as general working capital.
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