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Advance SCT Ltd Announces Disposal Of Asia Copper Pte. Ltd.


Monday, 31 Dec 2012 10:15am EST 

Advance SCT Ltd announced that it intends to dispose of its entire interests (Disposal) in a subsidiary, Asia Copper Pte Ltd (Asia Copper) to Tenneco Works Limited (Tenneco). Tenneco is a private investment holding company incorporated in the British Virgin Islands with Malaysian shareholders and directors unrelated to the Group. The Company holds a 90% interest in Asia Copper, which is the vehicle used by the Group for its copper smelting business in Qingyuan, the People‚Äôs Republic of China (PRC), through its wholly owned subsidiary in the PRC, Advance SCT (Qingyuan) Co. Ltd. (ACST QY). The nominal consideration for the Disposal of SGD1.00 will be satisfied by a cash payment from Tenneco to the Company. The consideration was arrived at on a willing-buyer, willing-seller basis, taking into account the negative book value of Asia Copper of $91,859 based on the latest available management accounts as well as the risk Tenneco will be taking on to navigate the complex legal system in China. 

Company Quote

0.0020
-0.0010 -33.33%
17 Jul 2014