Travelite plans sale of two units to management-linked firm

Singapore

SINGAPORE-listed Travelite Holdings plans to sell two of its subsidiaries to Malaysian-based Eted Synergy for RM19.6 million (S$7.5 million) to raise cash to fund its operations and expand into other businesses.

Eted is an investment holding company whose owners include Travelite's management team members Chan Kok Keen, Tong Soon Heng and Lim Teck Shiun, Travelite said in a statement yesterday.