WE Holdings sells unit for S$8.4m

ELECTRONICS company WE Holdings announced on Friday night that it had sold off its main components distribution business to associate company Jubilee Industries Holdings for US$8.4 million.

The sale price of WE Components (WEC) was at a 26 per cent premium over its net tangible asset value of US$6.7 million. The sale excludes the Ubi property units held by WEC, which will be transferred back to WE Holdings or its nominees and leased back to WEC.

WE Holdings' electronics components distribution business generated about US$52 million out of its US$57.7 million revenue for its financial year ended March 31, 2014. WE Holdings made a net loss of US$6.6 million that year.