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Miyoshi Precision Ltd Announces Disposal Of Equity Interests In Inovuus Technologies Pte Ltd

Friday, 30 Aug 2013 05:15am EDT 

Miyoshi Precision Ltd announced that it has disposed 550,822 shares (the Shares) in Inovuus Technologies Pte Ltd (Inovuus) to Mr Lek Wee Kiat Gerald (Mr. Lek or the Purchaser). Mr. Lek is an executive director of Inovuus and owns approximately 5% of Inovuus’ shares before this disposal. Prior to the disposal, the Company held 805,822 shares representing 92.99% of the total issued shares; and after the disposal, the Company will continue to hold 255,000 shares representing 29.43% of the total issued shares. The total value of the consideration for the Shares is $100,000, receivable in cash, which was arrived at after arms' length negotiations between the Company and the Purchaser, and on a willing-buyer, willing-seller basis after taking into consideration of the net asset value attributable to the Shares. 

Company Quote

21 Nov 2014