Sold Ming Fai ($3828.hk) at 0.67

Bought Inchcape (#INCH) at 725p with the proceeds and cash from dividends in the portfolio

INCH just announced the sale of their “UK retail operations” (= car dealerships) for what seems to be a good price.

“Transaction consistent with Inchcape's strategic focus on higher margin, capital-light, cash generative, diversified, scalable and global Distribution business. Following the disposal, Inchcape will substantially be a Distribution-focussed business;”

While we could hope for more share buybacks, this is a decent first step.

Nothing wrong with Ming Fai. Just very cheap (but HK) stock with good dividend yield, but no catalyst.

(investegate.co.uk/announcement/rns/inch…)