Nico founders sell controlling stake to investor at discount

Singapore

THE founding family of Nico Steel Holdings sold a controlling stake to an entrepreneur and private investor, the metal alloy supplier announced on Monday.

A limited liability company called Parot Tovot on Jan 19 became a 28.38 per cent shareholder of Nico by buying 36 million shares for S$3.42 million, or 9.5 Singapore cents apiece, from DSAG Investment.