Digilife Technologies (SGX:BAI) said that it had ceased to hold operational control of Modi Indonesia after NFT Digital completed Tranche 1 of its purchase of the Indonesian company, according to a filing with the Singapore Exchange on Tuesday.
The expected disposal of its stake in Modi Indonesia had been delayed due to its inability to fulfill outstanding conditions precedent in the sale and purchase agreement. The purchaser had decided to waive the conditions.
In an earlier filing, the company had agreed to sell its stake in Modi Indonesia 2020, including telecom distribution subsidiaries, to NFT Digital for SG$9.9 million.
The deal will be executed in two tranches: 60% as shares for SG$6 million, followed by the remaining 40% for SG$4 million within six months. A restructuring will precede the sale to retain non-core subsidiaries and properties.
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