ARC Capital Holdings sells stake in Huiyin Household Appliances
ARC Capital Holdings has sold its holding in China's Huiyin Household Appliances following financial strains in the market, the investment company announced Thursday.
ARC Capital Holdings has sold its holding in China's Huiyin Household Appliances following financial strains in the market, the investment company announced Thursday.
ARC received HK$65.1m for the disposal of Huiyin, which is publicly traded on the Hong Kong Stock Exchange.
The company began selling its shares in the market through multiple tranches in August 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm - which invests in retail and consumer sectors in China - had injected $42.3m in Huiyin in November 2007.
However the company decided to let go of its stake on the back of poor performance in the electronics retailing industry in 2011 as China's government ceased the Rural Appliances Rebate Program and e-commerce marginalised traditional retailing platforms.
"As a result, Huiyin's financial performance suffered along with many of its peers," the company said in a statement.
ARC resigned its directorship on Huiyin's board on June 30th, 2012, before selling its shares.
Proceeds of the sale will be distributed to shareholders in the near future, the company added.
RD
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Nationwide hikes FlexPlus current account fee by £5 a month – is it worth it?
Nationwide’s FlexPlus current account is a favourite with customers, but it’s worth checking whether you are taking advantage of the perks after the monthly fee went from £13 to £18
By Katie Williams Published
-
Santander launches online pension that offers up to £1,000 cashback
Santander's self-invested personal pension offers customers cashback of up to £1,000 if they invest before 25 April next year - here is everything you need to know
By Chris Newlands Published