Hartawan Holdings applies for striking off of Wallich

The striking off of the dormant subsidiary is not expected to have any material effect on assets and earnings of the Group.

The board of directors of Hartawan Holdings Limited previously announced that it has assigned to its wholly owned subsidiary Wallich Development Pte Ltd all its rights, title and interests to any and all proceeds, monies or payment received by it in respect of enforcement of payment of receivables against Shanghai Fu Jie Enterprise Investment Co., Ltd for the Shanghai Mall project.

However, the company is now applying for the strike off of Wallich. Thus, Wallich has assigned to Hartawan Property Management Pte Ltd, another wholly owned subsidiary of the company, all its rights, title and interests to any and all proceeds, monies or payment received by it in respect of the enforcement.

Both the transaction and the strike off are not expected to have any material effect on the Group’s net tangible assets and earnings per share for the financial year ending 30 June 2013.