Corporate digest

Sino Construction

SINO Construction on Tuesday entered into a sale-and-purchase agreement to dispose of all its shares in its Malaysian construction subsidiary, Elite Bay. The group had purchased 60 per cent of the enlarged share capital of Elite Bay in January 2014 through its wholly owned subsidiary, SC Building & Construction Pte Ltd.

The disposal, which has a total cash consideration of S$100,000, is in line with Sino Construction's new strategy to expand into the energy resources sector, it said. The group intends to use the proceeds from the disposal to fund the development of its micro power plant business.