ASF sells stakes in two subsidiaries
- 10 June, 2011 18:02
ASF Group (ASX:AFA) has sold stakes in two of its subsidiaries for a combined $2.8 million.
The company operates subsidiaries in Australia and China in sectors including energy and resources, property marketing and services and travel services.
ASF said it had sold a 40% stake in its real estate subsidiary, ASF Properties, to Chinese entrepreneur Jianzhong Yang for $1 million.
ASF Properties has been structured to act as a bridge for China-based investors to access the Australian real estate market.
Separately, ASF said it had sold an 11% stake in ASF Resources to Yongbin International Holdings for $1.8 million.
ASF Resources has been set up to explore prospective mineral projects in Australia, and then co-invest with Chinese companies to develop projects with export potential.
This deal follows the termination of an earlier share subscription agreement with Yongbin in May.
AFA shares stayed unchanged on Friday at $0.120.