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SINGAPORE: Jade Technologies has appointed NRA Capital to advise it on the proposed disposal of its entire stake in loss-making subsidiary, Jade Precision Engineering.
This comes one month after its former independent financial adviser for the proposed deal, Provenance Capital, quit abruptly, following disputes with Jade Technologies.
Provenance Capital said that it had become increasingly difficult to properly discharge its duties in respect of the proposed disposal.
Jade Technologies is proposing to sell its shareholding in the lead-frame manufacturer to United Pacific Industries.
Earlier this month, Jade recorded a first-half year loss of S$6.1 million.
It plans to divest its non-core businesses and focus solely on coal mining and other related activities. - CNA/vm
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