Trek 2000 International to divest 19% stake in subsidiary
TREK 2000 International has entered into a sale and purchase agreement to sell its 19 per cent stake in Racer Technology to Racer's chief executive for S$3 million.
The purchaser is Koh Kee Joo Willy, a shareholder, director and the CEO of Racer.
Based on the latest unaudited consolidated financial statements of the group for 3Q2016, the disposal is expected to result in a loss on disposal of US$736,000 to the group.
Singapore-incorporated Racer and its subsidiaries manufacture plastic products for consumer, industrial and commercial uses.
Trek said that it is divesting the stake so that it can focus on its core electronics and technology business.
"The proceeds from the disposal represent cash resources that may be used to capitalise on business opportunities and further growth to enhance value for shareholders in the long term," it added.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Amazon results beat estimates, revenue forecast misses
Starbucks points to weaker consumer as profit falls
Trump social media firm's rising shares pressure short-sellers: S3
Oil eases on higher US crude output, hopes of Israel-Hamas ceasefire
Europe: Stoxx ends lower as auto giants weigh; investors parse inflation data
US: Wall Street stocks fall as markets weigh strong wage data, Fed meeting