Brief: Santak's unit to sell its equity interest in Santak Wuxi

Santak Holdings

24/11/2016 12:36

Nov 24 (Reuters) - Santak Holdings Ltd  SATK.SI  :  
    * Antak Metal Manufacturing Pte Ltd ( "vendor"), a wholly 
owned subsidiary of company, has entered into a sale and 
purchase agreement 
    * Deal for sale of 100% equity interest of Santak Metal 
Manufacturing (Wuxi) Co., Ltd. ("Santak Wuxi") to purchaser 
    * Consideration for equity interest shall be us$21 million 
    * Group will recognise a gain of approximately s$2.5 million 
from proposed disposal 
    * Proposed disposal is part of an ongoing restructuring 
involving group's business 
    * Proceeds from proposed disposal will, inter alia, reduce 
group's borrowings and thereby strengthen financial position of 
group 
 
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