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AA Group sells unit for S$7.5m to focus on property related activities
AA Group Holdings is selling its wholly owned unit Allied Advantage Sdn Bhd Ltd as it gets out of the speakers and iron ore trading business.
The company intends to use the sale proceeds to invest in property related and construction business, it said on Monday.
The company is selling Allied Advantage to Bosetech Corporation for S$7.5 million, it said.
Allied Advantage manufactures and supplies high-precision cold forged components to audio equipment makers. Allied Advantage also owns AA Supply Chain Management Sdn Bhd which is in the business of iron ore trading but has not been active in recent years, it said.
Following the disposal, the company's core businesses will be property related and the provision and supply of construction services and products.
AA closed at S$0.05, up S$0.007.