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Merchant House International Limited ( (AU:MHI) ) just unveiled an announcement.
Merchant House International Limited has completed the sale of all assets of its subsidiary, American Merchant, Inc., following the cessation of its operations due to sustained losses. The company sold equipment and property, realizing significant profits, and has met conditions to recognize a government grant as income. With cash reserves of A$25,998,000, the company plans to wind up its subsidiaries, distribute residual funds to shareholders, and seek voluntary delisting from the ASX, as it remains suspended due to inadequate operations.
More about Merchant House International Limited
Merchant House International Limited is a company that has historically been involved in the design and manufacture of home textile products, particularly towels, under its subsidiary American Merchant, Inc. (AMI). The company has focused on the concept of ‘Made in America.’
Technical Sentiment Signal: Buy
Current Market Cap: A$14.14M
For an in-depth examination of MHI stock, go to TipRanks’ Overview page.