Singapore food manufacturer Food Empire has revealed it is divesting its 40% stake in frozen seafood firm Marindo Makmur Usahajaya.
It is selling its stake to Indonesian food maker Kelola Mina Laut and Mohammad Nadjikh for US$900,000.
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Food Empire said the move followed a strategic review of the group's operations. "It was decided that the rationalisation of the frozen seafood business would be in its best interest as the investment has not managed to fully deliver the value the group had hoped to reap," it said.
The transaction is not expected to have any material impact on the earnings per share of the group for the current financial year.
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