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Metech International Ltd Proposes Disposal Of Controlling Interest In wholly-Owned Subsidiaries, Metech International (Europe) Pte. Ltd. And Centilion Environment and Recycling CZ s.r.o.


Monday, 24 Dec 2012 01:55am EST 

Metech International Ltd announced that it has entered into two sale and purchase agreements (the Agreement) with Platon Worldwide Corp. (the Purchaser) wherein the Company has agreed to sell and the Purchaser has agreed to purchase 81% of the issued and paid up capital of its wholly-owned subsidiaries, Metech International (Europe) Pte. Ltd. (Metech UK) and 81% of the issued and paid up capital of its wholly-owned subsidiary Centillion Environment and Recycling CZ s.r.o. (Metech CZ ), hereafter referred to collectively as Metech Europe or the Sale Shares. The Company’s Board of Directors (the Board) is of the view that the proposed disposal will not affect the operations of the Company or the nature of the Company’s main business. 81% of the issued and paid up capital of Metech International (Europe) Pte Ltd and 81% of the issued and paid up capital of Centillion Environment and Recycling CZ s.r.o. The nominal Consideration of one Singapore dollar (SGD1) each for the Sale Shares of Metech UK and Metech CZ (the Consideration) was derived from arm’s length negotiations between the Company and the Purchaser, and on a 'willing-buyer, willing-seller' basis. 

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