Loyz dumps its sanitary ware business

The business is being sold for S$9 million.

Loyz Energy Limited said in an announcement that it will concentrate on growing its upstream energy business.

The Group will entirely divest its sanitary ware business, held under 100%-owned Sim Siang Choon Hardware Pte Ltd, to Mr Sim Siang Choon for S$4.50 per SSCH share.

Loyz intends to use the net proceeds of S$7.3 million, after offsetting an outstanding sum of S$1.7 million in Director’s Loan owing to Mr Sim, as working capital to help fund ongoing projects as well as pursue future opportunities in the oil and gas sector.

The divestment of SSCH, a retailer and distributor of household and lifestyle accessories, is subject to shareholders’ approval at an extraordinary general meeting.