SINGAPORE, June 23, 2022 – (ACN Newswire) – Catalist-listed Jubilee Industries Holdings Ltd has entered into a Sales and Purchase Agreement with UPC Electronics Pte Ltd for the sale of the Company’s 14% stake in WE Components Pte Ltd, the Group’s EBU.
The Disposal offers significant synergies with the Purchaser’s existing operations and strategic priorities, leveraging WEC’s extensive product portfolio and strong presence across Asia. The Hong Kong incorporated Purchaser’s main business is the promotion and distribution of products and solutions of semiconductor manufacturers in the People’s Republic of China and overseas.
The total cash consideration of US$2.1 million received for the Disposal will be utilised for general working capital purposes and the expansion of Jubilee’s business.
Jubilee’s Executive Chairman and Chief Executive Officer, Dato’ Terence Tea, says, “The Disposal reflects the deep value of Jubilee’s EBU that we have built over the years. Working together with UPC, we are confident in the EBU’s long-term growth prospects as we strive to build sustainable value for shareholders.”
Under Dato’ Terence Tea’s leadership, Jubilee’s EBU has staged a full recovery from the initial impact of Covid-19, recording a 67.4% increase in revenue from S$119.9 million for the 12 months ended March 31, 2021 (FY2021) to S$200.7 million for the same period this year (FY2022).
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