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Tungtex (Hold) (00518) plans to sell Shenzhen building
12 Jul 2019
(Infocast News) Tungtex (Holdings) Company (00518) said it entered into an MOU on 11 July 2019 for the proposed sale of all the shares of Sing Yang (Overseas) Limited (SYOL) to an independent third party.

SYOL owns an industrial building (named "同得仕大廈") located at Shizheng No. 2 Road, Beihuan Road, Futian District, Shenzhen, Guangdong Province) with total gross floor area of 11,033 square metres erected on a land parcel 4,319.4 square metres in area.

Pursuant to the MOU, the potential purchaser has paid a refundable earnest money of RMB10 million into a bank account jointly controlled by the two parties.

(WL)
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