An unknown buyer entered into a sale and purchase agreement to acquire S&W Process Equipment (Changshu) Co., Ltd. from Mencast Holdings Ltd. (SGX:5NF) for CNY 1 on December 27, 2021. The consideration was arrived at on a willing buyer willing seller basis. Upon the completion of the disposal, SWP will cease to be a wholly owned subsidiary of the Mencast Holdings.

The net liabilities of SWP as at June 30, 2021 were CNY 19.02 million. The disposal is conditional upon the approval of the shareholders of the Mencast Holdings and the Singapore Exchange Securities Trading Limited (“SGX-ST”).