Tai Sin Electric (SGX:500) unit CAST Laboratories will sell a 100% equity stake in CAST Laboratories (Cambodia) to Ouk Sambok for $1.5 million, a Friday bourse filing said.
The buyer is an independent third-party individual engaged in the real estate development business in Cambodia.
CAST Laboratories, which engaged mainly in laboratory technical testing and analysis services, has been making losses since its incorporation, the filing said.
The cable and wire manufacturer will use proceeds from the disposal to partially repay a loan obtained for the original investment in CAST Laboratories (Cambodia).
Tai Sin Electric's shares closed over 1% lower on Friday.
Price (SGD): S$0.41, Change: S$-0.0050, Percent Change: -1.22%
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