ASA to Sell Aquaculture Subsidiary to Indonesia's Sumber Mas Konstruksi; ASA Shares Surge 20%

MT Newswires02-05

Advanced Systems Automation, or ASA, (SGX:WJ9) agreed to sell its aquaculture subsidiary, LSO Organization, to Indonesia-listed Sumber Mas Konstruksi (IDX:SMKM) for up to SG$13 million, according to a Wednesday filing with the Singapore Exchange.

Shares of ASA surged over 20% in Thursday trading in Singapore, while shares of Sumber Mas Konstruski fell 2% in Indonesia.

The consideration will be satisfied through Sumber Mas Konstruksi's issuance of new shares to ASA following a rights issue, giving the company at least 10% interest in the Indonesian construction firm.

The transaction will allow the Singaporean automated backend equipment manufacturer to realize the value of its original investment and provide it with financial flexibility, the filing said.

LSO holds a 50% stake in Lim Shrimp Organization, which is involved in the management and operations of aquaculture farms.

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