On May 28, the company announced it had entered into a non-binding indicative proposal to dispose of the hard disk drive business by selling its wholly-owned subsidiary BIGL Asia. This drove its shares to surge by 24.5 per cent the next day.
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. Broadway Industrial had initially planned to execute the sale and purchase agreement by Nov 15 and to complete the sale by Dec 30. On Sunday, it said that the group's strategic review to diversify and expand its existing business and to unlock shareholders' value remains an ongoing process.
The company will make further announcements to update shareholders of any material developments in relation to the strategic review, including those for the possible transaction.For daily updates on weekdays and specially selected content for the weekend. Subscribe to