Asia
USAS Building System to Sell 43% Stake in General Contracting Service Provider
USAS Building System (HKG:2671) agreed to sell a 43% interest in MEGA Construction to Suzhou Xiangyang Technology Industrial Development for 33.9 million yuan.The company said the move will streamline its portfolio and focus its resources on its core business segments, according to a Monday Hong Kong bourse filing.Following completion, the integrated prefabricated steel structure building subcontracting service provider's stake in the target will be reduced to 8%.The company will use proceeds for general working capital, repayment of debt, and potential investments in business opportunities.MEGA Construction (Jiangsu) engages mainly in the provision of general contracting services.
HKG:2671
