NeraTel to sell payment unit for S$88m

Singapore

TELECOMMUNICATIONS and information network solutions provider Nera Telecommunications (NeraTel) has agreed to sell its payment solutions unit to French payments giant Ingenico Group for about S$88 million, the mainboard-listed group said in a Singapore Exchange filing on Friday.

It said it expects net proceeds of about S$71.5 million on the disposal, adding that the proposed sale of the entire payment solutions business across Singapore, Malaysia, Thailand, the Philippines, Indonesia and Vietnam would let it "sharpen its focus on the core network solutions business and strengthen the balance sheet".