Footwear manufacturer Yue Yuen Industrial Holdings Ltd has announced it will make a profit of about US$23 million through the sale of its 44.8m shares in Pou Chen Corp.

The shares, originally bought in order to secure better raw material supplies from Pou Chen, were sold on the Taiwan Stock Exchange.

Yue Yuen said it now wanted to improve corporate transparency and reduce connected transactions, and will continue to dispose of non-core assets and deploy resources into its footwear operation.