Fei Ni Holdings (08480) Intends To Sell Clothing Business To Focus On Core Manufacturing Industry.
Fei Ni Holdings (08480) issued a notice, in August 7, 2019, the company signed a sale agreement with the buyer, the company to the buyer PRG Holdings Berhad sell all the shares of Target Corp and settle all group loans, the cost is 16 million 500 thousand ringji.
The announcement shows that the Target Corp is Premier Management Internatio. Nal Limited, mainly engaged in investment holding. Target Corp has a PP Retail Pte. Ltd. wholly-owned Affiliated Companies, mainly in Singapore, clothing, footwear and accessories retail business. And a company with 49% interest, Skilltrain Co., Ltd., is mainly engaged in clothing, footwear and accessories retail business in Thailand.
The company said that the sale would enable the group to allocate more resources to its core business, because the manufacturing environment has become more challenging and competitive due to the weakness of the global economy and the increasing prudent purchasing plan of its customers.
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