26th Jun 2015 10:15
LONDON (Alliance News) - Resource Holding Management Ltd on Friday said a subsidiary of PUC Founder Bhd has started a voluntary winding-up process in China.
Resource Holding, which holds a 46% stake in PUC Founder, said the latter's RedHot Media International (Shanghai) Co Ltd business has started the process.
Following completion of the winding up, the subsidiary will stop operations and be closed down.
Resource Holding, in a later statement on Friday, also said its RedHot Media International Ltd subsidiary has sold 40 million PUC Founder shares in Malaysia, raising a total of MYR6.6 million, or around GBP1.1 million.
Resource Holding plans to use the proceeds from the sale to back its investing policy and for general working capital purposes.
Shares in Resource Holding were down 26% to 6.50 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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