Intermoco Limited (ASX: INT) has worked out a plan for a drastic restructuring of the company, planning to sell one subsidiary and acquire another in a bid to ensure the company sees profitability.
As part of the restructure, INT will sell its wholly owned subsidiary Intermoco Solutions Proprietary Limited to PRI Limited (ASX: PRI).
PRI had previously been licensing technology from the subsidiary, and held the rights to sell the product in Australia and some other markets. Under the new agreement PRI will own both the subsidiary and its intellectual property.
For its part, PRI will relinquish its 60 percent share in PRI-Utiligy Proprietary Limited (PRI-U) to INT. This means PRI-U will become a wholly owned subsidiary of INT.
The trade will in effect at the end of this month.