Engineering and corrosion prevention services firm SHS Holdings, formerly known as See Hup Seng, has signed an agreement to sell its refined petroleum distribution business to German chemicals distributor Brenntag for about $100.3 million.
Frankfurt-listed Brenntag will buy two of SHS's wholly owned units, Tat Petroleum and Axxmo International, the Mainboard-listed firm says.
It estimates the net proceeds from the sale to be around $98.9 million, which would be used for working capital, general corporate purposes and to reduce the group's external borrowings.
The move was part of the group's "ongoing strategic review" to streamline its businesses and boost its financial flexibility, says SHS CEO Henry Ng in a statement.
The company expects the sale to be completed by 4Q2015.
Trading in the stock was halted on Thursday morning and remained suspended on Friday. The counter closed at 25 cents on Wednesday.
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Frankfurt-listed Brenntag will buy two of SHS's wholly owned units, Tat Petroleum and Axxmo International, the Mainboard-listed firm says.
It estimates the net proceeds from the sale to be around $98.9 million, which would be used for working capital, general corporate purposes and to reduce the group's external borrowings.
The move was part of the group's "ongoing strategic review" to streamline its businesses and boost its financial flexibility, says SHS CEO Henry Ng in a statement.
The company expects the sale to be completed by 4Q2015.
Trading in the stock was halted on Thursday morning and remained suspended on Friday. The counter closed at 25 cents on Wednesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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