NeraTel says in talks to sell payments solutions business in response to SGX query

SINGAPORE - Nera Telecommunications (NeraTel) disclosed on Friday morning (April 29) that it is in advanced discussions with a third party on the possible sale of its payment solutions business.

The disclosure was made in response to a Singapore Exchange (SGX) query on Thursday after an unusual spike in NeraTel's share price.

"The company also wishes to advise that while discussions are continuing, no binding agreement has been reached and there is no assurance that the transaction will actually proceed," said NeraTel. "If a definitive transaction takes place, it would be subject to, amongst other things, shareholders' approval."

NeraTel was trading down 2 cents at 65 cents at 9:54 am on Friday. On Thursday, it jumped 8 per cent before trading was suspended.