According to the group, the disposal is “aligned with the group’s plan to exit from the business of engineering services to focus on its agri-technology operations”.
Advanced Holdings says its wholly-owned subsidiary, Advanced Engineering Holdings, has entered into a sale and purchase agreement (SPA) and supplemental agreement with Advanced CAE for the disposal of Advanced CAE Saudi Arabia Company (CAEKSA), a wholly-owned subsidiary of the group.
On Sept 17, the group announced that the purchase consideration of CAEKSA stood at $1, due to the net liability value of the CAEKSA disposal shares and the losses incurred by CAEKSA. CAEKSA reported net tangible liabilities and a loss before tax of $152,522 and $149,213 respectively for the financial period ended June 30.
