Trendlines Group unit Trendlines Agtech has lost the bid for a licence operate incubator in Judea and Samaria region of Israel to competitive bidder.
Trendlines Agtech, 95% owned by the group, received the notice from the Office of the Chief Scientist (OCS) of the Israel Ministry of Economy on Tuesday.
Trendlines says the loss of franchise is not expected to have material impact on group's earnings per share for the financial year ending Dec 31.
The group also expects to realise certain savings in overhead expenses by moving its agritech investment activities into the company’s main offices in the northern part of Israel.
Trendlines Agtech will still be able to have access to other OCS funding programmes.
Following the outcome, the memorandum of understanding with Saviva Capital LLC dated last December will be terminated.
The counter closed at 20 cents on Tuesday.
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Trendlines Agtech, 95% owned by the group, received the notice from the Office of the Chief Scientist (OCS) of the Israel Ministry of Economy on Tuesday.
Trendlines says the loss of franchise is not expected to have material impact on group's earnings per share for the financial year ending Dec 31.
The group also expects to realise certain savings in overhead expenses by moving its agritech investment activities into the company’s main offices in the northern part of Israel.
Trendlines Agtech will still be able to have access to other OCS funding programmes.
Following the outcome, the memorandum of understanding with Saviva Capital LLC dated last December will be terminated.
The counter closed at 20 cents on Tuesday.
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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