Chasen (SGX:5NV) unit CLE Engineering Services agreed to sell its 77.05% stake in REI Promax Technologies for SG$2.8 million in cash, according to a Wednesday filing.

The stake will be sold to REI Promax Technologies' managing director Hein Ke Long and the disposal is expected to result in a SG$770,000 loss.

Proceeds will be used for working capital, and the sale will allow the company to focus resources on its Specialist Relocation business, it said.