Oriental Holdings sells China plastic firm

Oriental Holdings Bhd (OHB) announced its intention to dispose of its entire investment in Oriental Kyowa Plastic Industries (Shanghai Pudong New Area) Co. Ltd. (OKS) to Shanghai Hui Yang Industry Co Ltd for RMB144.225 million.

OKS is a company established and existing under China laws and located at Pudong New Area in Shanghai. OKS obtained approval certificate for foreign investment enterprise in 1996. The company is currently dormant but was previously engaged in manufacturing and selling of plastic products, speaker, mould for plastic injection, electric household appliance such as electric water pot, electric cup and hair blowers and providing after sales service for products.

OHB’s decision to sell OKS is based on plans to streamline its operations and dispose of idle companies within the OHB group.