The Company has entered into an agreement with the independent third party Primary Billion to sell the entire issued share capital and shareholder loans of Anda Semiconductor to the latter for a total consideration of $11 million. The net proceeds will be used for general working capital. .
The Group has estimated a net loss of approximately RMB 5.5 million due to the Disposal. However, as a result of the impairment loss of the investment of RMB 11.1 million in 2011, the sale may result in an impairment loss of approximately RMB 5.6 million.
Anda Semiconductor is principally engaged in the custom-made and upgraded LED lighting driver ICs for solid-state light sources and conducts business activities related to its sales, customer service, production and distribution, with an annual loss of RMB 1.25 million.
The company stated that it can use this to sell its continuing loss business, avoiding any potential losses being consolidated into the Group's performance and improving its cash flow. Therefore, it is in the interests of the Company and the Shareholders as a whole to distribute more resources to the existing business of the Development Company than to distribute more funds to the subsidiaries.
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