Serial System Dilutes Stake in Subsidiary; Shares Up 6%

MT Newswires

Yesterday

Serial System (SGX:S69) agreed to issue around 21.0 million shares in its subsidiary, Serial Achieva (SGX:XHV), to UFCT Technology at a price of SG$0.22 per share to raise around SG$4.6 million, according to a Thursday filing with the Singapore Exchange.

Shares of the distributor of electronic components and consumer products were up nearly 6%, while shares of Serial Achieva declined over 8% in Thursday trading.

Following the completion of the subscription, the company's interest in its unit will be diluted to 69.09% but it will remain its controlling shareholder.

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