Northbridge Industrial Services plc (AIM:NBI) announced on April 13, 2021 that it initiated a process to explore the possible divestment of the loss-making Tasman division. In its Strategic and Trading Update on August 11, 2021, the company further advised that the company was taking steps to restructure the division to return it to profitability and, in parallel, are actively negotiating with potential buyers. The company is at an advanced stage of agreeing the exit from the joint venture in Malaysia and have agreed a short-term equipment rental agreement with its former partner.

The operation in Singapore has ceased to take any new orders and trading will end when all existing rental contracts expire, which is expected to be sometime in fourth quarter of 2021. The disposal of the Malaysia and Singapore assets at the end of the existing contracts is being actively explored, the company is in exclusive discussions to sell the Australian and New Zealand entities and the company is hopeful that a deal can be concluded in the near future and at an early stage of discussions to sell the Middle East entities.