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| Exchange Disseminated Time | TRF Ltd has informed BSE that regarding "TRF Limited Exercised Call Option to Acquire Balance 49% Stake in York Transport Equipment (Asia) Pte. Ltd., Singapore - A World Class Axle, Manufacturing Company".
Announcement;
"On October 05, 2007, TRF Limited had acquired 51% shares (12,870,941 shares) in York Transport Equipment (Asia) Pte. Ltd., Singapore ("York Singapore") from Baker Technology Limited though its wholly owned subsidiary, TRF Singapore Pte. Ltd. TRF Limited had also entered into Call and put Options Agreement dated October 05, 2007 ("Options Agreement") with Baker Technology Limited to buyout balance 49% shares of York Singapore at a price to be determined based on the formulae set out in the Options Agreement.
In accordance with the Options Agreement, TRF Limited has exercised the Call Option on March 23, 2012 to acquire 12,366,198 ordinary shares, representing 49% of the issued and paid up capital of York Singapore, for a purchase consideration of SGD 22,178,255.
York Singapore and its subsidiaries ("York Group"), USD 70 million conglomerate manufacture trailer axles, assemble trailer suspension kits and distribute a full range of truck / trailer components. York Group products are sold directly to Original Equipment Manufacturers of trailer builders, repair shops and major transport fleet, and supported through a network of authorized marketing partners. The Group serves the need of over 300 customers worldwide. York Group has also inaugurated its biggest manufacturing plant in Pune, India during May 2011. The York group currently manufactures in Singapore, India and China and maintain sales and service offices in Bangkok, Johannesburg, Qingdao (China), Leicestershire (UK), along with Singapore and Melbourne. These facilities provide full trailer parts/components distribution and comprehensive after sales service to the Customer. In addition, York also maintains a distribution network to capitalize on new business opportunities. York is recognised as the market leader in its field throughout the Asia-Pacific and Australia/New Zealand region." |
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