SINGAPORE - Catalist-listed Annica Holdings is in negotiations with GPE Power Systems' executive director to defer the timeline for the payment of a third tranche relating to the disposal of Annica's shareholdings in GPE Power Systems.
In July last year, Annica announced it was selling its 70 per cent stake in GPE Power Systems for $2 million to GPE executive director Chong Shin Mun. The third tranche of $600,000 was due on or before Dec 31, 2018.
GPE provides complete power generation solutions from sales and rental of power generators and a wide range of services support such as factory performance tests, reconditioning and repairing of generators and sales of related components, spare parts and accessories.
Annica had previously said that it will use $1 million of the proceeds for a pilot solar and hydrogen project in Sarawak, Malaysia and the 25.79 per cent acquisition of a waste tyre pyrolysis business. Another $500,000 will be utilised for new projects identified under the renewable sector in the future, and the rest for working capital purposes related to the sale of GPE.
Annica added that it will make further announcements on the proposed deferment as appropriate or when there are further developments.