InnoTek unit divests 70% stake in Hua Yuan Sheng

This was due to Hua Yuan Sheng facing a decline in export orders.

InnoTek Limited’s subsidiary, Mansfield Manufacturing Company Limited, has disposed of its 70% stake in Hua Yuan Sheng Industrial Company Limited for $646,000 (US$500,000).

According to the company, Hua Yuan Sheng Industrial has not been profitable. In the financial years ending 31 December 2023 and 31 December 2024, it saw a loss of $991,000 and $1.16m, respectively.

This was due to a decline in Hua Yuan Sheng export orders. In line with this, InnoTek does not expect its business performance and financial position to see a significant turnaround.

The proceeds from the proposed disposal will be used for working capital purposes and to undertake new investment opportunities that may arise in future.

($1=US$0.77)

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