MTQ (SGX:M05) entered into a sale and purchase agreement with Sidi Investment Holdings for the disposal of its subsidiary, Pemac, for an aggregate consideration of SG$5.5 million, a filing with the Singapore Exchange said on Monday.
The subsidiary manufactures high pressure piping, general steel fabrication works, repairing of oilfield equipment and fabrication of pressure vessels.
Net proceeds from the disposal will be used to fund and reinforce primary operations, to reinvest in other core business segments and for general working capital purposes.
Shares of the company were up over 4% in recent trading.
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