HLN Technologies has proposed to dispose its 100% interests in HLN Rubber Products to purchaser Leslie Wa Kok Liang who is also the group’s Chief Operating Officer for $6.5 million.
The proposed disposal is in line with HLN’s business re-organisation strategy to exit the manufacturing business and gradually shift its business portfolio towards property development.
HLN Rubber, together with the its subsidiaries, HLN (Suzhou) Rubber Products Co., Ltd., PT HLN Batam and HLN Rubber Industries Sdn Bhd, are collectively referred to as the Elastomeric Business unit.
Upon completion of the disposal, the companies in the Elastomeric Business unit will cease to be subsidiaries of the group.
With the sale of the Elastomeric Business unit, the group intends to change its name as soon as practicable to reflect its new business direction.
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