Antelope Enterprise Announces Agreement to Divest of its Ceramic Tile Business
Retrieved on:
Thursday, January 5, 2023
JINJIANG, China, Jan. 5, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), which operates KylinCloud, a leading online social ecommerce and live broadcast streaming platform with 200,000+ anchors and influencers, and a legacy ceramic tile manufacturing business in China, today announced that on December 30, 2022, it entered into a share purchase agreement (the "Disposition SPA") to divest of its ceramic tile manufacturing business.
Key Points:
- JINJIANG, China, Jan. 5, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), which operates KylinCloud, a leading online social ecommerce and live broadcast streaming platform with 200,000+ anchors and influencers, and a legacy ceramic tile manufacturing business in China, today announced that on December 30, 2022, it entered into a share purchase agreement (the "Disposition SPA") to divest of its ceramic tile manufacturing business.
- "We are pleased to enter into this agreement which will enable us to to focus all of our resources and energies on China's high growth social ecommerce sector," commented Antelope Enterprise CEO Weilai 'Will' Zhang.
- "The ceramic tile business has faced significant hurdles due to the significant slowdown of the real estate sector and the impacts of Covid-19 in China.
- Meanwhile, we have been experiencing strong growth momentum in KylinCloud, our social ecommerce business.