Panasonic, Toshiba to acquire stakes in Cloud Stringers

Singapore

PANASONIC Asia Pacific has entered into an agreement to acquire a 15.34 per cent stake in Trek 2000 International's subsidiary Cloud Stringers for S$400,000, while Toshiba Corporation will invest S$398,000 for a 15.26 per cent stake.

Separately, Trek Technology (Singapore) will further acquire some 1.55 million shares in Cloud Stringers from two individual shareholders for a total consideration of S$388,000. Upon completion of the acquisition, and together with the investments by Toshiba and Panasonic, Trek Technology will own 65.57 per cent in Cloud Stringers.