SMI Vantage to Unwind Acquisition of Provino Logistics After Delisting Notice
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SMI Vantage will unwind its acquisition of a 51% stake in Provino Logistics after receiving a delisting notice from the Singapore Exchange. The company had acquired shares for SG$1.7 million but will return the stake to the original sellers, who will refund SG$260,100. SMI Vantage faces challenges in expanding Provino's logistics business due to capital raising issues. The company is exploring options to recover the issued shares and expects a net gain on the disposal based on Provino's latest net asset valuation.
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