Acesian Partners inks deal to dispose of unit Acesian Sun

SINGAPORE - Catalist-listed Acesian Partners on Thursday (Feb 7) said it had on Feb 1, 2019, signed a non-binding memorandum of understanding (MOU) with Metro Transit Solutions Pte Ltd (MTS) to dispose of its entire equity interest in its wholly-owned subsidiary, Acesian Sun Pte Ltd.

There was no consideration disclosed.

"The parties intend to enter into a definitive agreement after MTS has done its due diligence and the company has obtained clearance of all applicable regulatory requirements, no later than Feb 28, 2019," it said.

In June last year, Acesian Star - another wholly owned subsidiary of Acesian Partners - and Japanese firm Takenaka Corp were reported to be proceeding for arbitration over a long-drawn out payment dispute relating to Changi Airport's Terminal 4.

Meanwhile, a writ of summons had been filed in the High Court by judicial manager KordaMentha and Acesian Star against Acesian Partners, AcesianEngineering, Active Building Technologies (ABT) and four employees, relating to certain payments that were made to the companies.