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JEP Holdings Ltd Announces Disposal Of Assets And Dissolution And Liquidation Of JEP Precision Engineering Co. Ltd, Thailand


Monday, 5 Aug 2013 05:20am EDT 

JEP Holdings Ltd announced that the Company plans to dissolve and liquidate (the Dissolution and Liquidation) JEP Precision Engineering Co. Ltd, Thailand (JEPT), a 99.99%-owned subsidiary of JEP Precision Engineering Pte Ltd. (JEPS). JEPS is 85%-owned by the Company. Application will be made to dissolve and liquidate JEPT upon completion of the disposal of all its assets. JEPT is in the business of precision machining. The material assets of JEPT comprise of CNC machines (the Machinery) and a freehold land and factory building located at No. 700/190 Moo 1, Amata Nakorn Industrial Estate Phase 2 Project, Bangna-Trad Road, Ban Kao Sub-district, Panthong District, Chonburi Province, Thailand (the Property). Considering the cost of continued operations against possible returns, the Board decided to sell all the assets and dissolve and liquidate JEPT. The rationale to cease JEPT operations is mainly due to its inability to meet up to expectation and continued weak financial position. Disposal of JEPT’s assets involves two phases, i.e. disposal of the Machinery and disposal of the Property. The Company had on May 02, 2013 entered into a sale and purchase agreement with NGK Machine Tools (S) Pte Ltd, and had on May 20, 2013 entered into a separate sale and purchase agreement with Radicon Transmission (Thailand) Ltd, for the sale of the Machinery at the consideration of SGD260,000 and SGD250,000 respectively. 

Company Quote

0.037
-0.0020 -5.13%
3 Jul 2015