Medtecs International (SGX:546) pulled the plug on its joint venture with Shijiazhuang Hongray, following a strategic review of plans and prevailing market conditions, according to a Friday filing with the Singapore Exchange.
Shares of the protective equipment distributor were down nearly 2% in Monday trading.
Following the review, the two parties have decided not to proceed with further capitalization of the joint venture company, Medtecs Hongray.
In connection with the termination of the JV, Medtecs reached a separate agreement to dispose of its entire stake in RMKH Glove (Cambodia) to Hongray for $13.1 million.
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