Grand Ocean Advanced Resources (00065) said it agreed to sell the entire issued share capital of East Harvest International Limited for HK$22.8 million.
The disposal group is principally engaged in the manufacture and sale of plastic woven bags, paper bags and plastic barrels in the PRC.
The Group is expected to incur a gain on the disposal of about HK$59.435 million. The estimated net proceeds of about HK$22.735 million will be used as general working capital of the Group; and for repayment of the Group's outstanding borrowings.
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