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Australia New Agribusiness & Chemical Group Ltd Announces Disposal Of 49% Shares of U&D Mining Industry (Australia) Pty Ltd


Monday, 22 Jul 2013 03:10am EDT 

Australia New Agribusiness & Chemical Group Ltd announced that the Company has entered into two Share Sale Agreements (collectively the Agreements) with China Kunlun International Holding Limited (Kunlun) and Golden Globe Energy Limited (Golden Globe), to dispose the total of 49% equity the Company holds in U&D Mining Industry (Australia) Pty Ltd (U&D) to Kunlun (25%) and Golden Globe (24%) respectively. Agreement with Kunlun: The consideration for the sale of the 25% shares the Company holds in U&D (the Sale Shares) shall be $14,800,000 (the Sale Price) which is based on the agreed valuation method and on arms' length-basis. Pursuant to the Agreement, the Company shall be paid the payment of $4 million as deposit by Kunlun within 20 business days of the signing date of the Agreement. Agreement with Golden Globe: The consideration for the sale of the 24% shares the Company holds in U&D (the Sale Shares) shall be $14,652,000 (the Sale Price) which is based on the parties agreed valuation method and on arms’ length basis. 

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