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Europtronic Group Ltd Updates On Proposed Sale Of Europtronic (Singapore) Pte Ltd To WE Holdings Ltd


Thursday, 12 Sep 2013 07:08pm EDT 

Europtronic Group Ltd announced that with reference to the announcement dated July 10, 2013 relating to the non-binding memorandum of understanding dated July 9, 2013 (MOU) entered into between the Company and WE Holdings Ltd (the Purchaser), a company listed on the Catalist of the Singapore Exchange Securities Trading Limited (SGX-ST), relating to the proposed sale of all the issued and paid-up ordinary shares in the capital of Europtronic (Singapore) Pte Ltd (ESPL). the Company on September 12, 2013, has entered into a conditional sale and purchase agreement with the Purchaser and Huang Shih-An, Huang Chuang Shueh-Ou and Huang Yun Ju (collectively, the Existing ESPL Directors) pursuant to which the Company has agreed to sell and the Purchaser has agreed to purchase 5,684,200 ordinary shares (the Sale Shares) in the capital of ESPL, representing the entire issued and paid-up share capital of ESPL, at a consideration of SGD6,820,000. Following completion of the Sale, ESPL will cease to be a wholly owned subsidiary of the Company. The Sale Price shall be satisfied entirely by the Purchaser by the allotment and issuance of an aggregate of 130,152,672 new ordinary shares of the Purchaser at the issue price of SGD0.0524 for each Consideration Share. 

Company Quote

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19 Dec 2014