Biolidics Ltd. (SG:8YY) has released an update.
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Biolidics Limited has announced that due to financial challenges and an inability to secure new contracts, it is placing its subsidiary, Biomedics Laboratory Pte. Ltd., into creditors’ voluntary liquidation. The subsidiary, which specializes in PCR and medical laboratory testing services, has not been successful in generating revenue, leading to this decision. The liquidation is expected to reduce the Group’s net loss by approximately S$1.0 million for the financial year ending December 2024.
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