EMBATTLED construction firm Ryobi Kiso Holdings will divest its entire interest in a geotechnical engineering subsidiary well below appraised value, to the joint venture’s founder.
Ryobi Geotechnique, which does geotechnical engineering, ground imaging technology and real-time monitoring, has a book value of about S$12.8 million. It cited, among other factors, the lack of firm offers from other potential buyers, as well as buyer Wang Hou’s day-to-day involvement in the subsidiary’s operations, which it said would make it difficult to sell its own shares without Mr Wang’s cooperation.
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