INFINITY DEV (00640) subsidiary plans to acquire a series of assets
Sing Hing Development (00640) issued an announcement that on November 19, 2024 (after trading hours), the buyer PT...
INFINITY DEV (00640) announced that on November 19, 2024 (after trading hours), buyer PT. Zhongbu Resins Indonesia (an indirectly wholly-owned subsidiary of the company) has entered into an agreement with seller Dachin Machinery Limited to acquire assets for a price of $4.25 million, to be used for establishing a new manufacturing plant in Indonesia.
The announcement stated that the group is currently constructing the new manufacturing plant on the land, in order to better serve its customers by improving cost competitiveness and shipping time advantage, as well as further strengthening its core business. In conclusion, the acquired assets will be used to establish the manufacturing business in Indonesia.
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