SKG has divested some of its singaporian assets for a $6.5 million, although after it ays Walton Investements, it nets $4.5 million.
The company has a share market cap of around $11 million at 6.2 cents, so wipeing $4.5 million off that brings it down to $6.5 million in one go.
There were quite a few people who said here that SKG singaporean interests did not contribute to the overall business, so those people must thing that being able to sell those interests for $6.5 million, or about 40% of the valuation of the entire company, was quite a coup. Also, SKG get to use those assets anyway fopr another 2 years.
Im not sure what SKG next step will be. I would suggest though that given there were only about 120 hotspots in Singapore, and a ISP they bought for only $1.5 million only 3 months ago, that this would value their Australian operations at much much more given they are much larger.
With all this cash for a fairly small part of their assets, SKG just got a whole lot cheaper.
SKG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
