Rex International Subsidiary to Cut Stake in Swedish Unit

MT Newswires

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Rex Technology Investments, a wholly owned unit of Rex International (SGX:5WH), has agreed to divest about 0.7% of its stake in Xer Tech Holding AB for SEK 1 million, according to a Tuesday filing with the Singapore Exchange.

The stake will be acquired by members of Xer's senior management and board, reducing Rex's indirect holding in the Sweden Spotlight-listed drone company to 49.7% from 50.4%.

Xer will cease to be a subsidiary of Rex International following the sale, which the group said will allow it to focus on its core oil and gas business, streamline its structure, and optimize resources.

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