MALAYSIA: Baneng Holdings to sell 60% of unit
Textile and apparel maker Baneng Holdings said it plans to sell its 60% controlling stake in Baneng Industries to the Hong Kong-based firm Forever Source.
The price of the sale - which is aimed at cutting down on borrowings - will be RM27m (US$7.65m).
After the transaction, Baneng will retain a 40% stake in the unit, which it will jointly operate and manage with Forever Source.
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