Philippines-based corrugated packaging materials manufacturer Steniel Manufacturing has divested its subsidiary, the Steniel Mindanao Packaging.
The company sold 9.25 million common shares in the division to Greenkraft, Corbox, Goldenbales, Rex Chua and Clement Chua.
According to the documents submitted to the Philippine Stock Exchange, the move follows grant of approval from the company's board of directors.
Following the sale, the company is expected to clear its outstanding debts.
Steniel group manufactures and supplies industrial packaging materials that are made of corrugated boards and boxes.
Established in 1963, the company currently operates only one facility, Steniel Mindanao Packaging in Davao City.