PSL: Entered into non-binding MOU with JP Nelson Equipment to sell co's subsi Antar Crane Services for $18.8m. Co owns 80% of Antar Crane and priv indiv Teo Kim Ngoh holds remaining 20%. Co currently carries out entire crane leasing business through Antar. The MOU will be for 3 mths and is subject to approval from both parties' shareholders. The consideration may be adj based on Antar’s balance sheet.
Co currently trades at 102.1x P/E and 3.0x P/B after it proposed to diversify into the coal business which sparked interest in the counter.
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