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Merchant House International Limited ( (AU:MHI) ) has shared an announcement.
Merchant House International Limited has finalized the sale of equipment from its American Merchant Inc textile factory to United Textile Machinery Corp and Gibbs International Inc for US$4 million. The transaction involves an immediate payment of US$1 million and a promissory note for the remaining amount, resulting in a substantial loss due to the lower sale price compared to the book value of the assets. The company continues to seek buyers for the remaining land and buildings of the AMI facility.
More about Merchant House International Limited
Merchant House International Limited operates in the textile industry, focusing on the manufacturing and distribution of textile products. Their market focus includes managing and leveraging assets related to their American Merchant Inc (AMI) textile factory.
Average Trading Volume: 122,722
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$14.14M
For a thorough assessment of MHI stock, go to TipRanks’ Stock Analysis page.