Sale settles action

Home appliance maker Anex International Holdings has agreed to sell its 30 per cent stake in Supreme Investment Holding to Supreme's founder shareholders for $17.07 million. The deal settles a legal action taken out against Anex by Supreme's founders. Anex said the settlement would have no material impact on its operations. It acquired the shares in March and has made a provision of $27.97 million for them in its annual accounts. The sale will result in a surplus of $3 million over the carrying value of the shares.