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ASTI Holdings, a semiconductor-equipment maker, on Tuesday said it would sell its 24.23 per cent stake in APSI Group for S$8.9 million.
The company intends to use the net proceeds from the sale for general working capital purposes. The money may also be invested in short-term money markets and marketable securities, ASTI said.
Its stake in APSI Group, which sells integrated circuit packaging technology, will be sold to APSI's controlling shareholder J C Investment. The latter is a Singapore-incorporated firm that holds 53.73 per cent of APSI.
The sale is expected to be completed by Feb 27, 2015.