The buyers of the stake are affiliates of Beihai Yinjian. Purchaser Beijing Jinyinjian Taxi Co will buy a 25 per cent stake, while Beijing Yinjian Automobile Repair Co will acquire 30 per cent.
Upon payment of said taxes, LC Logistics will obtain a court order to release the funds in the purchasers' bank accounts for remittance. The company added that it has obtained a waiver from the Singapore Exchange to comply with rule 1014 of the Listing Manual regarding the disposal. This was on the basis that travel advisories issued by Singapore's Ministry of Health due to the Covid-19 outbreak for travel to China had caused delays in the execution of the proposed disposal's definitive agreement.
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