Recently, SEAMLESS GREEN announced that Good Return, a wholly-owned subsidiary of the company, signed an agreement with Primary Billio, an independent third party, to sell the entire equity interest in Arnda Semiconductor Limited to Primary Billio for a total consideration of HK$11 million, and the proceeds will be counted as general working capital.
The group expects to record a net loss of around HK$5.5 million from the disposal, but since the group has already made impairment loss on the investment in the subsidiary of approximately HK$11.1million in year 2011, as such, the disposal of the subsidiary may result in a reversal of impairment loss of approximately HK$5.6 million in year 2013.
The principal business activities of Arnda Semiconductor Limited include customization, enhancement and business activities pertaining to the sales, customer service, production and distribution of LED lighting driver integrated circuits for solid state lighting. It recorded a loss of HK$1.25 billion last year.
