PRECISION manufacturer Broadway Industrial Group has entered a non-binding indicative proposal to dispose of its hard-disk-drive business via the sale its wholly-owned unit, BIGL Asia, to a potential buyer whose identity has not been disclosed. In a bourse filing on Thursday, Broadway Industrial said that the consideration for the sale will be in cash or equity, and will be determined following the buyer’s due-diligence process.
The buyer intends to retain all key management and technical staff of BIGL Asia. It also plans to execute the sale-and-purchase agreement by Nov 15, and to complete the sale by Dec 30, subject to unforeseen circumstances or delays caused by the Covid-19 pandemic. Broadway Industrial added that the buyer entered a non-compete and non-solicitation agreement on Thursday to enable it to access confidential information for the due diligence.