AEM Holdings settles with PBT over claim of damaged equipment

SINGAPORE - AEM Holdings, which provides solutions for equipment systems, has accepted PBT's proposal to settle for claim of an alleged loss and damage to equipment.

It had previously announced the sale of its 57.7 per cent stake in unit Microcircuit Technology (S) - which is now known as Interconnect Technologies (ICT)- to PBT for about US$3 million (S$4.2 million).

PBT had claimed that there was loss and damage to three pieces of equipment that were transferred in the sale.

PBT and ICT have agreed to repay a loan of US$1 million by AEM to ICT in three tranches.