Pico Far East buys subsidiary

Pico Far East Holdings is taking its stake in Singapore-based Pico Art International to 100 per cent with the $129 million purchase of the remaining shares held by Singapore Technologies Industrial Corp. Pico Far East, which holds 80 per cent of the company, says it is consolidating the company to reflect its full performance and expand its role in the South Asia exhibition business.

Pico Art, which designs and makes exhibition stands, had net tangible assets of $196 million as at October 31 last year. It made an attributable profit of $52 million in the year to last October.