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Tiong Woon Corporation Holding Ltd Proposes Disposal Of 100% Interest In Wholly Owned Subsidiary

Wednesday, 5 Jun 2013 08:42am EDT 

Tiong Woon Corporation Holding Ltd announced that the Company has entered into an agreement (SPA) for the sale of the Company‚Äôs entire interest in whollyowned subsidiary, Tiong Woon Oil & Gas Services Pte Ltd (TWOG) to Metech Energy Corp Pte Ltd (Purchaser) (Proposed Disposal). The Purchaser is a private limited company established in Singapore. It is a wholly owned investment vehicle for Olha Widjaja. The Purchaser and Olha Widjaja are independent third parties and are not directly or indirectly related to the Company, the Directors, controlling shareholders of the Company, or their respective associates. The Company will sell to the Purchaser, 2,000,000 ordinary shares (Sale Shares) in the issued and paid-up share capital of TWOG, representing 100% of the total issued and paid up share capital of TWOG, in consideration of an amount of SGD2,000,000 from the Purchaser to the Company. 

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