Annica's (SGX:5AL) subsidiary, P.J. Services, agreed to dispose of its 60% stake in Malaysia-based Panah Jayah Makmur, for around SG$488,000 to Wong Khuan Teck, according to a Tuesday filing with the Singapore Exchange.
Panah Jayah is engaged in the business of manufacturing and repairing oilfield and gasfield machinery and equipment.
The proposed disposal is an opportunity for the company to streamline its operations and improve cost efficiency.
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