As at June 30, Tifa's net asset value stood at 384.6 billion rupiah, while its net profit after tax for the year ended Dec 31, 2019 was 33 billion rupiah.
Tan Chong's directors are of the view that"the pricing for the disposal is fairly valued" and that the deal is in the interests of the company and its shareholders as a whole. Upon completion of the disposal on Sept 8, Tifa is no longer an associate company of Tan Chong and its financial results have ceased to be equity accounted for in Tan Chong's accounts, the group said.
Tan Chong distributes motor vehicles and industrial equipment. The group's principal business also includes property development and rental, vehicle seat manufacturing, as well as the provision of vehicle transportation and human resource management services. Tan Chong shares were trading at HK$2.02 as at 10.49am on Wednesday, up HK$0.03 or 1.5 per cent on an ex-dividend basis.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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