A WHOLLY-OWNED subsidiary of mainboard-listed World Precision Machinery (WPM) has signed a memorandum of understanding (MOU) to sell three Shenyang factory buildings and their associated land to a unit owned by a director, the company said in a bourse filing on Monday. Read more at The Business Times.
A WHOLLY-OWNED subsidiary of mainboard-listed World Precision Machinery has signed a memorandum of understanding to sell three Shenyang factory buildings and their associated land to a unit owned by a director, the company said in a bourse filing on Monday.
The MOU is between the subsidiary, World Precise Machinery , and World Agriculture , a wholly-owned subsidiary of Jiangsu World Agriculture Machinery. Under the terms of the MOU, World Precise Machinery will incorporate a subsidiary whose sole business and assets are to hold the proposed sale property.
All shares in the subsidiary will be sold to World Agriculture , which will also appoint an independent professional valuer to value the property, and use its valuation to form the basis of the value of the sale shares. No sale price has been agreed upon yet. If the companies are unable to agree on a sale price within six months from April 17, the MOU will be terminated immediately, unless both sides agree to extend the term of the MOU for a further six months.
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