Advanced Systems Automation Limited (SGX:WJ9) has entered into a non-binding term sheet with Ethereal Capital to sell a 67% stake in its subsidiary, Emerald Precision Engineering, for 22 million ringgit, according to a Monday filing on the Singapore Exchange.
The deal also includes the issuance of 15 million irredeemable convertible preference shares at 1 ringgit each.
The transaction is part of the company's shift from semiconductor manufacturing to aquaculture. It is subject to shareholder approval and due diligence, with a 60-day exclusivity period for finalizing the agreement.
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