SINGAPORE (Dec 24): Terence Tea Yeok Kian, executive chairman of Accrelist, which is gearing up for expansion into the aesthetics business, is trying to reorganise his stakes in  three of the separately-listed entities that he chairs, which also includes Jubilee Industries, and Bursa-listed EG Industries.

In an announcement on Tuesday, Jubilee said it will sell its 13.77% stake in EG Industries to Tea, for a cash consideration of $5.37 million. EG Industries is a contract manufacturer while Jubilee makes parts for the electronics manufacturing industry. Tea currently owns a 3.18% direct stake in the company. Upon completion of this sale, Tea will hold 16.95% of EG Industries.

As at March 31 2019, the NTA of the 13.77% block of EG Industries shares is carried on Jubilee’s books $11.3 million. The sale of the EG Industries shares from Jubilee to Tea will result in Jubilee booking a net loss of some $6 million.

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