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| Exchange Disseminated Time 02/08/2016 18:11:36 | Century Plyboards (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 02, 2016, has decided to dispose of its investments in its subsidiary Innovation Pacific Singapore Pte. Ltd. (IPSPL). Other details required to be disclosed in terms of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are as follows;
1. The gross total turnover of IPSPL for the year ended March 31, 2016 was Rs. 434.57 lakh which constitutes only 0.24% of the consolidated turnover of the Company.
2. The net worth of IPSPL as on March 31, 2016 was Rs. 218.10 lakh which constitutes only 0.41% of the consolidated net worth of the Company.
3. The Company plans to dispose of its entire 51% shareholding (constituting 229000 equity shares of SGD 1 each) at book value in favour of one or more of the existing shareholders of IPSPL or their associates, as may be feasible. None of the proposed buyer/ (s) belong to the promoter/ promoter group/group Companies.
4. Agreement for sale has not yet been entered and the sale is expected to be completed within the next three months.
5. The aforesaid proposed transaction would not fall within related party transactions. Nevertheless, the same transaction is done at “arms length”. |
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