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Investment Firm to Sell 13% Stake in Gultech China

Published: 03 May 2021
 by Chelsey Drysdale

SINGAPORE – Tuan Sing Holdings has agreed to sell 13% of the shares it holds in Gultech (Jiangsu) Electronics, a fabricator of printed circuit boards, for 435 million yuan (US$67.2 million), according to reports.

The deal sets a valuation of about 3.35 billion yuan for Gultech, and is expected to close Jul. 31.

Tuan Sing's wholly-owned subsidiary TS Technologies owns 44.5% of Gul Technologies Singapore (Gultech Singapore), which delisted from the Singapore bourse's mainboard in 2013 and moved its PCB manufacturing operations to China.

Gultech is now evaluating a possible listing in China, the reports said.

"The transaction is in line with our plans to strengthen our balance sheet and sharpen our focus on our core property business in the region," said William Liem, CEO, Tuan Sing.

In 2020, GJE reported net profit of about US$42.6 million.

 

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