Daphne Announced The Sale Of Sunfield Trading Company
On December 16, Daphne, a shoe and clothing brand, announced that it would sell 100% equity of xiangtian Trading Co., Ltd., a wholly-owned subsidiary, at a transaction price of about 19.53 million yuan.
Sunfield Trading Limited is mainly engaged in holding an investment property located in China which was used for warehouse leasing.
With regard to the sale of subsidiaries, Daphne pointed out that the sale of its business was an opportunity to sell obsolete assets that were not needed and to increase the group's liquidity.
Daphne said that about 50% of the net proceeds from the sale would be used to pay trade accounts payable to suppliers and about 50% of the net proceeds would be used to cover operating expenses (such as rents, professional services fees and employee costs).
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