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SINGAPORE: Singapore's Lee Metal Group has announced that its wholly owned subsidiary, Lee Welded Mesh, will divest its S$39,500 stake in joint venture partner, Readyfix Middle East.
It will in turn sell the stake to Mr. Subba Madhav Rao, one of the parties in the joint venture.
Lee Welded Mesh will receive cash for the stake.
The company said it has also received full repayment of S$1.5 million from a shareholder loan extended to the joint venture in 2008.
Lee Metal Group added that the transaction will unlikely have any material impact on the net tangible assets or earnings per share of the company for this financial year. - CNA/vm
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