Qin Jia Yuan Media Services (HKG:2366) has agreed to sell 90% equity interest in Triangle Marketing Services Company Limited at a consideration of HK$6 million in cash.

The net proceeds from the disposal are estimated to be of HK$5.6 million. Qin Jia Yuan Media Services intends to apply the net proceeds for general working capital. The company expects a net gain before tax of HK$2.4 million from the disposal.

Triangle Marketing's principal business comprises of provision of advertising agency, marketing and promotion and event management services.

The purchaser is wholly and beneficially owned by Rodney Tam Yip-man, who is an existing director and 10% shareholder of Triangle Marketing.

Source:chinesestock.org