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| Exchange Disseminated Time 12/10/2016 15:17:53 | Forbes & Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 12, 2016, has decided to sell its entire shareholding (50.001%) in Forbes Bumi Armada Offshore Limited (FBAOL), a subsidiary of the Company (and a joint venture with Bumi Armada Berhad) to Shapoorji Pallonji Oil and Gas Private Limited (“SPOGPL”), a related party and a wholly owned subsidiary of Shapoorji Pallonji and Company Private Limited (Holding Company of the Company) at a Purchase Price of INR 125.00 Million (“Proposed Transaction”). The definitive Agreement would be executed this week and the completion of the Proposed Transaction shall be subject to execution of definitive document, fulfilment of various conditions, approvals and all compliances of the applicable laws.
To Comply with the applicable related party provisions and to ensure that the transaction is at an arm’s length, the Company had appointed two independent valuation agencies to do the valuation and the Purchase Price offered by SPOGPL is higher than the valuations done by the aforesaid agencies.
There will be no change in shareholding of the Forbes & Company Limited due to aforesaid Proposed Transaction.
The Proposed Transaction is expected to be completed in the current Financial Year.
The aggregate turnover of the FBAOL was Rs. 5264.7 Million in FY 2015-16 constituting 14% of revenues on consolidated basis. The segment networth (excluding finance costs and unallocable expenses net of unallocable income) contributed by the FBAOL was INR (44.5) Million in FY 2015-16. |
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