Moulin Global Eyecare sells its core China business

Debt-ridden Hong Kong eyewear maker Moulin Global Eyecare Holdings Ltd has sold its core China business for HK$ 100 million (US$ 12.8 million).

According to the South China Morning Post, the business had been sold to China Enterprise Capital, a private fund owned by three investors.

The investors have bought Moulin's plant in Zhongshan, Guangdong, and its Shanghai retail chain of about 50 stores, which they plan to expand to other mainland cities, the paper said.

Moulin, the world's third-largest eyewear maker, is facing a winding-up petition by nearly 30 bank creditors led by HSBC Holdings Plc after it was crushed under debts incurred by an aggressive expansion.

(Source: Reuters)