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VDM Group Ltd Announces Intention to Sell VDM Construction (Eastern Operations) Pty Ltd


Friday, 20 Sep 2013 01:34am EDT 

VDM Group Ltd announced that it intends to divest its VDM Construction (Eastern Operations) business (Construction East) for a cash consideration of $2.75 million. VDM has entered into a non-binding agreement to divest the Construction East business by way of a share purchase agreement to an outside party. The Company expects to enter into a binding share sale agreement on or before September 30, 2013 and expects the transaction to be completed on October 1, 2013. VDM has received a deposit of $250,000, which will be refundable only under limited circumstances. Completion will be subject to conditions precedent consistent with a transaction of this type. The Sale of the Construction East business is part of VDM’s strategy to concentrate on rebuilding for its future. 

Company Quote

0.01
-0.0010 -9.09%
22 Jul 2014