Seamless Green (08150.HK) announced that the wholly-owned subsidiary, Good Return, entered into an agreement with the independent third party, Primary Billion, to sell the entire issued share capital and shareholder loans of Anda Semiconductor to the latter for a total consideration of HK$11 million (the following are all HKD), the net proceeds will be used for general working capital.
The Group estimates that the net loss of the sale was approximately RMB 5.5 million. However, as a result of the impairment loss of 11.1 million investment in 2011, the sale may result in an impairment loss of approximately RMB 5.6 million.
Anda Semiconductor is principally engaged in the customization and upgrading of LED lighting driver ICs for solid-state light sources, and its business related to sales, customer service, production and distribution, with an annual loss of 1.25 million yuan.
Seamless green indicates that it can be integrated into the group's performance by selling a business that continues to lose money, while avoiding any potential losses, while also improving its cash flow. Therefore, it is more in the interests of the company and the shareholders as a whole to distribute more resources to the existing business of the development company than to distribute more funds to the subsidiaries.
The Group estimates that the net loss of the sale was approximately RMB 5.5 million. However, as a result of the impairment loss of 11.1 million investment in 2011, the sale may result in an impairment loss of approximately RMB 5.6 million.
Anda Semiconductor is principally engaged in the customization and upgrading of LED lighting driver ICs for solid-state light sources, and its business related to sales, customer service, production and distribution, with an annual loss of 1.25 million yuan.
Seamless green indicates that it can be integrated into the group's performance by selling a business that continues to lose money, while avoiding any potential losses, while also improving its cash flow. Therefore, it is more in the interests of the company and the shareholders as a whole to distribute more resources to the existing business of the development company than to distribute more funds to the subsidiaries.
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