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Fu Yu to seek shareholders' nod at EGM to merge 2 Singapore-based units
FU Yu Corporation intends to merge two of its Singapore-based manufacturing units as part of its effort to streamline its corporate structure and operations.
The plastic mould specialist said on Tuesday that the merger of Nanotechnology Manufacturing and Solidmicron Technologies will improve "operational efficiencies, economies of scale and synergies from better allocation of resources, and thereby improve the financial performance of the group". It is also expected to reduce audit, tax and other regulatory compliance costs.
Fu Yu will be seeking the approval of shareholders by way of a special resolution at an extraordinary general meeting (EGM) to be convened.