SINGAPORE - Broadway Industrial Group on Nov 17 received a draft binding letter of intent from a potential buyer to acquire its hard disk drive business.
However, further negotiations with the potential buyer were required, and thus no binding agreement has been reached yet, Broadway Industrial said in a bourse filing on Sunday night . Broadway Industrial lifted the trading halt on Monday before market open. The stock rose 0.1 cent or 0.8 per cent to trade at 12.2 cents as at 11.25am, after 7.6 million shares changed hands.
Broadway Industrial did not disclose the interested party's identity, but said the potential buyer intends to retain BIGL Asia's key management and technical staff.
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