Advance SCT sells SSMT

An offer worth $447,077 has been made.

The Board of Directors of Advance SCT Limited and its subsidiaries announced that the company’s subsidiary New Tsingyi Pte Ltd has received an offer from a trio of individuals to acquire 100% of Soon Sing Metal Trading from the Group for the book value of SSMT's net tangible assets.

SSMT, which has not been performing well and reported losses for 2011, will cease to be a subsidiary of the Group upon completion.

The announcement said SSMT’s poor performance has continued in 2012 and contributed to the Group’s losses in the first half of 2012.

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