Singapore-based Advancer Global (43Q:SES), announced that its subsidiary Advancer Global Security entered into a share transfer agreement to dispose of its 45% total equity interest held in Eazable Pte. Ltd.

The group entered into the agreement with Teo Sau Keong, an employee of the group, on 1 February for a total cash consideration of SGD 5,354 (USD 4,009). Following the completion of the disposal, Advancer Global Security will cease to hold the 45% equity interest in registered capital of Eazable.

Eazable is a Singapore-based company involved in the development of e-commerce applications. Advancer first announced it invested in Eazable in January 2021.

Based on the unaudited full year management accounts of Eazable for the financial year ended 31 December 2023, the net loss of Eazable was SGD 281,969 (USD 211,116). The net asset of Eazable as of 31 December 2023 was SGD 11,898 (USD 8908).

The disposal will enable Advancer Global Security to recoup a portion of its investment in Eazable. Subsequent to the 2021 investment in Eazable, the group successfully developed its proprietary platform tailored for residents and managing agents of condominiums in Singapore.

“Given the redundancy and cost considerations associated with maintaining two similar platforms, AGS is strategically opting for the disposal,” the company stated. “The group had, in its audited financial statements for the financial year ended 31 December 2022, written down its investment in Eazable amounting to SGD 133,000 (USD 99,599), taking into account its loss-making position and book value.”