Tenet Fintech Group Inc. (CSE: PKK) (OTCID: PKKFF) has reached an agreement to sell its 51% ownership stake in Asia Synergy Financial Capital (ASFC), a Chinese financial services subsidiary, for CAD $10.2 million, according to a company statement.

The buyers are two of ASFC's directors, along with a company they control, who are already the registered holders of Tenet's ASFC shares under existing nominee shareholder agreements. Under those agreements, the directors hold the shares on behalf of Tenet, which retains all associated benefits.

Under the terms of the deal, the ASFC directors have up to six months from the signing date to complete the full CAD $10.2 million payment. If payment is not completed within that period, ownership of the shares reverts to Tenet. No commission or finder's fee was paid in connection with the transaction.

Tenet said it plans to use proceeds from the sale to expand data gathering from small and medium-sized enterprises in China, other parts of Asia, and North America, as well as to grow its supply-chain related services and fund general working capital needs.

The divestiture aligns with the company's previously stated strategy to limit its Chinese operations to SME data collection and supply-chain transactions through its Cubeler Business Hub and GoldRiver platforms.

Tenet also announced the launch of a new corporate website and a new Tenoris3 website, which the company said better reflect its positioning as a data aggregator.