Jubilee Industries Completes Disposal of WTE's Plastic Business
Summary:
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Transaction Completion: Jubilee Industries Holdings Ltd. has finalized the sale of the plastic injection moulding business assets of its wholly-owned subsidiary, WE Total Engineering Sdn. Bhd. (WTE), to MClean Technologies Berhad.
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Consideration: The disposal was completed for a consideration of RM6,036,000 (approximately S$1.87 million), aligning with the net book value of the assets as of 31 August 2024.
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Rationale: This strategic move allows Jubilee to monetize its investments and conserve cash for future opportunities and working capital needs.
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Impact on Operations: Following the disposal, WTE is expected to become dormant and cease its plastic injection moulding operations. However, Jubilee will maintain a presence in the plastic injection moulding sector through its 40% stake in Honfoong Plastic Industries Pte. Ltd.
Note: All data is sourced from Jubilee Industries Holdings Ltd.'s announcement on the completion of the disposal of WTE's plastic business.