Bacui Technologies International (SGX:YYB) has undertaken an internal restructuring to streamline its corporate structure and cut administrative costs, according to a Wednesday filing on the Singapore Exchange.

The restructuring involved transferring full ownership of its Hong Kong-based subsidiary, Bacui Management Investment, from Bacui Elitist Technology, a British Virgin Islands-incorporated unit, to the parent company for $1.

Bacui Elitist Technology will be wound up following the transfer.

The company said the move aims to eliminate costs related to maintaining the unit, including annual renewal fees and regulatory filings.