Pengo (Trendzon) to dispose of 27% equity in subsidiary

Pengo Holdings Group Limited (formerly Trendzon Holdings Group) is set to dispose of a 27% equity interest in an undisclosed target company to Mr. Tan Tze Loong for a consideration of S$8.3 million (approximately HK$48.1 million), according to a recent announcement. The decision comes amidst underperformance in the target company due to increasing operating costs in Singapore, with net losses recorded for the eleven months ended 28 February 2025. Pengo intends to use the net proceeds of approximately S$8.27 million from the disposal for business development in the construction and engineering industry in the PRC. Shareholders will vote on the deal at an Extraordinary General Meeting (EGM) to be held on June 16, 2025. Following the disposal, Pengo will retain a 51% stake in the Target Company, with the purchaser holding the remaining 49%.