Telecom and optoelectronic equipment vendor Arasor (ASX:ARR) has agreed to sell its Japan optical wafer fabrication facility to a US multinational for US$750,000 ($819,000).
Under the agreement, the US company will purchase the operation and related assets, and enter into a manufacturing agreement with Arasor’s Chinese packing JV for the packaging of the products developed in Japan.
“This transaction has several advantages – it pays down debt, cuts our burn rate and establishes a new business stream for the (Chinese) facility,” executive chairman Simon Cao said.
Meanwhile Arasor said it expected to finally be ready to release its 2008 financial results within the next two weeks.
Grant Thornton has completed the audit of the report, but have not yet prepared their final opinion, the company said.