SINGAPORE - Investment holding firm Elektromotive Group said on Wednesday (Apr 27) that it has a sale and purchase agreement to sell Wine and Dine Experience for S$10,000.
Wine and Dine publishes and sells periodicals and magazines, such as Wine & Dine and the Top Restaurants Guide here.
Ms Swee Mei Lan, a former employee of Elektromotive who currently holds 11,000 shares in the firm, is buying Wine and Dine.
As at 31 March 2016, the unaudited net asset value of Wine and Dine is S$250,000.
The firm said the sale is in the best interests of its shareholders as "Wine and Dine is loss making and generating negative cash flows and would require funding from the Company going forward".
If it were to be wound up, the estimated costs would be about S$110,000, much higher than the offer.