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Asiatic Group to Dispose of Stake in Colben Energy (Cambodia); Shares Plunge 25%

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Asiatic Group (SGX:5CR) has agreed to dispose of a 49% stake in Colben Energy (Cambodia) to the chairman of its joint venture partner, Royal Group Phnom Penh, for $3.1 million, according to a Friday filing with the Singapore Exchange.

Shares of the engineering management firm sank over 25% in Monday trading.

The disposal ends a protracted series of ongoing disputes involving Colben Energy and Royal Group, with the deal also including the waiver of the net amounts, about $16.9 million, due to the Colben entities at the consolidated Group level.

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