Intraco to sell subsidiary

Intraco to sell subsidiary

SINGAPORE (Dow Jones): Intraco Ltd. of Singapore said Tuesday its unit, Intra-Motors (S) Pte. Ltd., has agreed to sell its car rental and leasing business for S$33.2 million (US$19.9 million) to Trac Leasing (S) Pte. Ltd.

Intra-Motors operates the "Thrifty" master franchise in Singapore, Taiwan, Vietnam, Myanmar, Thailand, Brunei and Indonesia.

Thrifty USA still has to approve the transfer of the franchise to Trac Leasing., the company said in a statement.

Intraco said the move is aimed at cutting costs, reducing its involvement in the automobile business and focusing more on its core business of engineering and semiconductor distribution.

Intraco recently discontinued the marketing and distribution of Rover cars and vans.