Golden Faith Group Divests Subsidiary at Premium

Golden Faith Group Holdings Limited (HK:2863) has released an update.

Golden Faith Group Holdings Limited has announced the sale of Cornwall Contracting Company Limited, with a disposal consideration substantially above the latter’s net asset value, reflecting a premium valuation. The sale comes in light of Cornwall’s declining revenues and recent losses, as well as Golden Faith Group’s strategy shift and the competitive landscape in Hong Kong’s construction sector, where obtaining independent contracts has been challenging for Cornwall.

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