Serial System sells 13.6% stake in mould maker for handsome profit
Published on May 27, 2014 9:36 PM
SINGAPORE - Serial System has agreed to sell its entire 13.6 per cent stake in Catalist-listed Jubilee Industries Holdings to WE Holdings for $7.7 million.
The price works out to 24.2 cents a share, a handsome premium to the closing price of 12.5 cents as at May 23.
Serial System had bought the shares at an average price of 18.8 cents apiece.
The company said the board considered the sale as non-core assets, and is of the view that the disposal would enable it to realise returns on its investment in Jubilee, and also to avail itself of cash which can be deployed into its core businesses or utilised for other business opportunities.
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