Tai Sin Electric Reports Collection Issue in Connection With Disposal of Subsidiary

MT Newswires

06/16

Tai Sin Electric (SGX:500) reported a collection issue in connection with the disposal of its entire interest in an indirect subsidiary, CAST Laboratories (Cambodia), according to a Friday filing with the Singapore Exchange.

The company had agreed to sell its subsidiary for $1.5 million, with the remaining balance consideration of $1.4 million yet to be received.

The purchaser has failed to make payments on multiple occasions and the company is now expected to continue pursuing payments.

Shares of the company were up over 2% in recent trading.

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