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TECHNICS Oil and Gas, which is currently under judicial management, is selling its controlling stake in structural steel works company Technics Steel Pte Ltd for S$950,000.
In an exchange filing on Tuesday evening, the group said that its wholly owned subsidiary, Technics Offshore Engineering, is divesting its 51 per cent equity interest in Technics Steel to TTJ Holdings.
Technics Steel, incorporated in Singapore, specialises in the manufacturing, fabrication and installation of structural steel works and modular structure for projects ranging from high rise towers to chemical plants and bridges.
The consideration comprises S$350,000 for the sale shares, and S$600,000 to settle inter-company loans and advances. The consideration takes into account an undertaking by TTJ Holdings to release and discharge Technics Oil and Gas from all corporate guarantees and security arrangements for Technics Steel, said the firm.
The balance 49 per cent in Technics Steel is owned by minority shareholders Teo Teck Heong and Ng Yiaw Heong, who also form its key management team.