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.