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Cambridge Technology Enterprises Ltd To Convert Debt Into Equity Of Shares Of SSG; To Sell 29.68% Stake In smarShiftgroup Limited, Mauritius

Wednesday, 27 Mar 2013 11:40pm EDT 

Cambridge Technology Enterprises Ltd announced that the Board of Directors of the Company at its meeting held on March 27, 2013, has noted the exercise of option, by two out of seven Debt Holders of SSG, to convert debt into equity of shares of SSG. Consequently, the shareholding of the Company in SSG has diluted from 100% to 29.68%. Thus smarShiftgroup Limited, Mauritius, has ceased to be a subsidiary of the Company. The Board decided that the Company's 29.68% stake in smarShiftgroup Limited, Mauritius be sold to smartShiftgroup INC., USA for a sale consideration of USD25,000. 

Company Quote

-0.3 -2.42%
4:54am EST