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Econ Healthcare exits Crosstech investment with a $3.4 million loss

The Edge Singapore
The Edge Singapore1/13/2022 12:12 AM GMT+08  • 2 min read
Econ Healthcare exits Crosstech investment with a $3.4 million loss
The company will be reviewing its investment strategy to align with its focus on growing its core business
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Nursing home operator Econ Healthcare (Asia) has sold all its shares in Crosstec Group Holdings, and will book a loss on investment of $3.4 million, turning what was initially a paper gain into a loss-making venture.

The loss is equivalent to 9.1% of Econ Healthcare's net tangible asset as of Sept 30 2021.

Econ Healthcare over the last weekend announced that it had spent some $4 million to buy 11.8 million shares of the Hong Kong interior designer, paying the equivalent of 29.26 cents and 40.04 cents each.

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