Bromat (SGX:9I7) entered into a conditional share purchase agreement with Chia Shu Sian for the disposal of its entire stake in Dining Haus for an aggregate consideration of SG$1.2 million, according to a filing with the Singapore Exchange on Monday.
The stake represents 60% of the issued and paid up capital of Dining Haus.
The disposal is part of the group's strategy to rationalize its businesses and proceeds raised from the disposal will be used for the expansion of a newly-launched flagship business, Shang Society.
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