Corporate Announcement
Security Code : 502865    Company : FORBESCO    
 
Outcome of Board Meeting 
  Exchange Disseminated Time     
Forbes & Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 05, 2016,
decided to exit CFS and Logistics Undertaking (as defined below). Under the current economic situation and industry outlook, the Board deemed a Slump Sale as the most appropriate method for exit and has accordingly granted its approval to the Company to sell, transfer or dispose of its two container freight stations (“CFS”) located at Veshvi (“Veshvi CFS”) and Mundra (“Mundra CFS”) and its logistics business (“Logistics Business” and collectively with the Mundra CFS and Veshvi CFS, the “CFS & Logistics Undertaking”) to TG Terminals Private Limited (Veshvi CFS and Mundra CFS) and Transworld Global Logistics Solutions (India) Private Limited (Logistics Business) (collectively “Purchasers”), which are part of the Transworld Group Singapore, together with all specified assets and liabilities in relation to the CFS & Logistics Undertaking on a slump sale basis as a going concern for an Enterprise Value of not less than Rs. 93.5 Crores (Rupees Ninety Three Crores and Fifty Lacs only) (“Proposed Transaction”) subject to closing adjustments and debt, if any, to be transferred. The completion of the Proposed Transaction is subject to execution of definitive documents, fulfilment of various conditions precedent, including but not limited to obtaining of various government and other approvals.
 

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