MECHANICAL and electrical engineering firm Libra Group plans to sell its 51 per cent stake in Malaysian travel agency YC Capital Consolidated Sdn Bhd back to Libra’s CEO and executive chairman Chu Sau Ben, for S$12 million in cash.
The Catalist-listed group on Monday entered into a memorandum of understanding with YCC and Mr Chu. The company said in a filing on Monday night that the MOU is not intended to be legally binding between the parties, except for certain provisions relating to, among other things, the payment of a deposit.Libra has received partial payment of a non-refundable cash deposit of S$2.5 million from Mr Chu upon the signing of the MOU.
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