Technics fails to reach deal on disposal of assets; resuming trading

TECHNICS Oil & Gas will resume trading on Monday (Feb 15) after failing to reach an agreement to sell certain assets.

The oil and gas contractor suspended its stock on Jan 6 to give itself more time to negotiate what it described as a "major disposal".

But Technics announced early on Monday it has stopped discussions after the company and potential buyers failed to reach definitive agreements.

The company on Feb 4 posted a net loss of S$1.2 million, or 0.53 Singapore cent per share, more than double the year-ago loss of S$593,000, or 0.25 Singapore cent per share.

Technics shares last traded at 62 Singapore cents on Jan 5.