LionGold Corp Ltd Announces Agreement To Dispose Of 60% Of Industrial Power Technology And Related Assets To Annica Holdings Ltd

LionGold Corp Ltd announced that it has entered into an agreement with Annica Holdings Ltd (Annica) to dispose of 60% of Industrial Power Technology (IPT) and related assets for SGD12.5 million. This marks further progression in the Company’s divestment of non-core assets to focus on its gold business. The sale of 60% of IPT, its Thai subsidiaries and LionGold’s 100% holding in The Think Environmental Co Sdn Bhd (TTEC) would raise SGD10 million, with the sale of a terrace factory occupied by IPT in Singapore, contributing a further SGD2.5 million. The disposal, which was negotiated on a willing-buyer, willing-seller basis, would complete within five business days on or before February 27, 2013, assuming the conditions precedent have been fulfilled or waived. Proceeds from the disposal will be used for general working capital.