DXN disposes entire stake in Daxen Biotech
Published on: Tuesday, March 01, 2011
Kuala Lumpur: DXN Holdings Bhd, a Malaysia-based investment holdings and management services company, has entered into a share sale agreement with Lin Long Zuo of Fujian Province, China, to dispose its entire stake in Daxen Biotechnology Pte Ltd.The agreement is for a total cash consideration of 14,500,000 Renminbi equivalent to RM6.72 million.DXN is the single shareholder holding 100 per cent direct interest in Daxen Biotechnology principally involved in the manufacturing of monacus, vinegar, fruit enzymes and other beverage products.
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In a filing to Bursa Malaysia Monday, the company said Daxen Biotechnology had incurred RMB8.044.495 equivalent to RM3.728 million in accumulated business loss based on the management account as at Jan 31.Stay up-to-date by following Daily Express’s Telegram channel.
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