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TREK 2000 International has entered into a sale and purchase agreement to sell its 19 per cent stake in Racer Technology to Racer's chief executive for S$3 million.
The purchaser is Koh Kee Joo Willy, a shareholder, director and the CEO of Racer.
Based on the latest unaudited consolidated financial statements of the group for 3Q2016, the disposal is expected to result in a loss on disposal of US$736,000 to the group.
Singapore-incorporated Racer and its subsidiaries manufacture plastic products for consumer, industrial and commercial uses.
Trek said that it is divesting the stake so that it can focus on its core electronics and technology business.
"The proceeds from the disposal represent cash resources that may be used to capitalise on business opportunities and further growth to enhance value for shareholders in the long term," it added.