Powerwin Tech Group Limited Announces Major Subsidiary Disposal

Powerwin Tech Group Limited ( (HK:2405) ) just unveiled an announcement.

Powerwin Tech Group Limited has announced the disposal of a subsidiary through a sale and purchase agreement, with the transaction valued at US$1,950,000. This major transaction, which involves selling the entire issued share capital of the Target Company, will result in the Target Company no longer being a subsidiary of Powerwin Tech Group Limited. Consequently, the financial results of the Target Company will not be consolidated into the company’s financial statements. The transaction, which exceeds 25% of the relevant percentage ratios but is less than 75%, is classified as a major transaction under the Listing Rules, requiring notification, announcement, and shareholder approval. The company has obtained the necessary written approval from a group of shareholders, thus negating the need for a general meeting.

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