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Procurri Corp suspends trading as it mulls potential third-party offer for its assets
MAINBOARD-LISTED enterprise hardware supplier Procurri Corp is going over a third party’s recent offer to buy some of its assets, it said in an update on Thursday night, as it sought to extend its trading halt into a voluntary trading suspension.
Procurri called a trading halt on Tuesday morning, after receiving what it dubbed “an unsolicited, non-binding letter of intent” for a possible transaction involving its business assets.
The board has now said that the company is reviewing the material terms for the potential deal, as indicated in the letter of intent, as well as the company’s position on these terms.
In that vein, Procurri is suspending trading “pending the release of an announcement on the possible transaction”, the board said, while adding that shareholders will be updated when there are any material developments taking place on possible transaction.
Shares in Procurri last traded at S$0.37, before the halt kicked in.