Published:
Tiong Woon milked $2m from subsidiary sell-off
Core crane leasing expansion underway.
According to OSK, Tiong Woon announced yesterday night that it had successfully sold its whollyowned subsidiary, Tiong Woon Oil & Gas Services Pte Ltd (TWOG) to Metech Energy Corp Pte Ltd for SGD18.0m.
TWOG incurred losses of SGD4.8m last year, dragging down the group’s performance. Thus, the sales would not only give the group an oneoff gain of SGD2.0m, it would also hive off the operating losses going forward.
Furthermore, the cash consideration would enable the group to focus on expanding its core crane leasing business.
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