KUALA LUMPUR, Sept 17 — Oriental Holdings Bhd (OHB) and its two subsidiaries have disposed of their entire respective investments in Oriental Industries (Wuxi) Co Ltd (OIW) to Jiangsu Xinghuida Technology Co Ltd for 116.28 million renminbi (about RM70.5 million).

OHB said the disposal was formalised in an equity transfer agreement entered into by Oriental International (Mauritius) Pte Ltd, as trustees for OHB and Teck See Plastic Sdn Bhd yesterday.

"The rationale for the disposal is to restructure and streamline operations for operational efficiency with minimum administrative costs,” said OHB in a filing with Bursa Malaysia today.

Upon completion of the disposal, OIW, which is engaged in the development, manufacture and sale of electrical appliances and electrical components, shall cease to be a subsidiary of OHB.

Its original cost of investment in OIW was US$12 million (RM49.6 million), done between 2003 and 2007. — Bernama