Foshan XiongYing Logisitics Co. Ltd agreed to acquire Carsan (Shunde) Manufacturing Co Ltd from Merchant House International Limited (ASX:MHI) for approximately CNY 140 million on April 16, 2021. Foshan XiongYing Logisitics Co. Ltd will also assume the liability for any capital gains that Merchant House International Limited may otherwise owe resulting from the sale. Staff terminations and outstanding vendor payments will comprise CNY 26.4 million($3.8 million) from the sale proceeds. Merchant House International Limited will use the proceeds from the sale to pay outstanding liabilities at Carsan (Shunde) Manufacturing Co Ltd. Part of the funds will be used for expansion and growth opportunities that are presenting themselves in the USA. The use of the balance of funds has not yet been determined by the Board. Foshan XiongYing Logisitics Co. Ltd completed the acquisition of Carsan (Shunde) Manufacturing Co Ltd from Merchant House International Limited (ASX:MHI) on April 16, 2021.