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I M Skaugen SE Agrees To Sell 50% Share In Shenghui Gas And Chemical System Co Ltd


Sunday, 3 Nov 2013 08:00am EST 

I M Skaugen SE announced that it has agreed terms, and signed a binding Equity Transfer Agreement, for the sale of its 50% holding in the Chinese manufacturing company Shenghui Gas and Chemicals Systems Co Ltd (SGCS). The buyer is Liangzhong Investment Co. Ltd, China that is also a shareholder with 45.41% of its shares. The Buyer will arrange his own financing to secure the purchase. A RMB10 mill non-refundable down payment was, as per the agreement, paid into IMS' accounts and the remainder of the purchase price will be paid by end November 2013. The agreements and repatriation of the Company's funds are subject to customary Chinese government approvals. 

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