Techna-X Bhd (TXB) has proposed to dispose of a 45% equity interest in Chaswood Restaurant Management (Beijing) Co Ltd for RM7 million, as part of efforts to exit a loss-making and debt-laden business.
The company said it entered into a sale and purchase agreement on Sept 30 with ZhengHe International Trade Import & Export (Shenzhen) Co Ltd for the proposed disposal.
Chaswood, incorporated in China, is involved in catering and the sale of packaged food and beverages, daily-use items and handicrafts to restaurant customers, as well as providing restaurant management consultancy services.
Techna-X said the disposal would allow the group to streamline its operations and focus on businesses and ventures that are viable and expected to contribute positively to profitability and long-term growth.
