Econ Healthcare expects to book S$3.4m loss from selling stake in Crosstec

CATALIST-LISTED nursing operator Econ Healthcare (Asia) EHG said late Wednesday (Jan 12) it expects to book S$3.4 million in losses from selling all of its stake in Crosstec Group Holdings, after the latter's shares plunged earlier in the week.

Econ Healthcare had recently invested around S$4 million of its idle working capital to buy 11.8 million shares in Crosstec, a Hong Kong-listed interior design company.

On Tuesday (Jan 11), Crosstec shares nosedived 84 per cent to HK$0.38. Econ Healthcare said its board of directors was "not aware of the reason for the substantial decrease".