Opus shareholders have given the group the thumbs up to offload its Singapore arm COS Printers at its Annual General Meeting (AGM) held yesterday.

The group proposed the sale in March which will see part-owner 1010 Printing acquire COS Printers in a $19.3m deal. 1010 owns 62 per cent of Opus shares after rescuing the company from substantial debt in 2014.

Completion of the sale was subject to shareholder approval at the AGM, with the large majority of investors subsequently voting in favour of the proposed transaction.

Out of 3.7 million votes cast, 3.2 million voted for whilst a small fraction of 3,100 voted against.

[Related: Opus directors push for COS Printers sale]

According to Opus, the divorce from Singapore’s COS Printers will allow the business to ‘fully focus’ on its Australasian market.

COS Printers started as a family business in 1972 owned by the Ang family in Singapore, before Opus gained control in 2010.

Chairman and chief executive Richard Celarc told investors the market conditions for 2016 financial year remain uncertain, however believes the separation from the Singapore market will give the business a superior platform for positive results.

Celarc also attributed tough 2015 revenue to Opus’ divestment in NZ outdoor business Omnigraphics, but says the alliance with 1010 resulted in a ‘debt free’ start to 2016.

Celarc took the chief executive reins from former boss Cliff Brigstocke in March. Brigstocke then surprised the industry by assuming the position as Blue Star chief executive last month.

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