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Tritech

Stock Chart
Last Done 0.021
Change -0.002 (-8.70%)
Volume 689.4
Range 0.020 - 0.023

Tritech selling specialist engineering unit to meet working capital requirements

17 Apr 2019 09:00

By Vivienne Tay

CATALIST-LISTED Tritech Group, through TGL Engineering Group, is selling Presscrete Engineering, an indirect subsidiary, to Lim Wen Heng Construction to meet its working capital requirements.

The sale price will be determined based on the total of several items, the group said in a regulatory filing on Monday just before the market opened.

The first is the audited net asset value or net liability of Presscrete for the nine months ended Dec 31, 2018, after accounting for its agreed value ascribed to the revalued property, plant and equipment (PPE).

Appointed accounting firm Baker Tilly LLP will conduct an audit on Presscrete, and business consultant Robert Khan & Co will carry out the valuation of the PPE.


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Source: Business Times
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