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| Exchange Received Time 25/10/2018 09:45:19 Exchange Disseminated Time 25/10/2018 09:45:25 Time Taken 00:00:06 | We wish to inform the Exchanges that the Company has signed term sheet with the buyer on September 20, 2018 and the buyer is carrying out due diligence. The Company is still under discussion to finalize the terms and structure of the deal.
The Company is in the process of obtaining approval from the Shareholders for the said transaction through postal ballot and the result of the postal ballot will be announced on November 5, 2018. Upon completion of diligence by the buyer and the approval from shareholders, the Company will enter into the definitive documents/agreements and shall intimate to the Exchanges the complete details of the transaction.
Further, we clarify that the proposed transaction does not fall under related party transaction and the buyer does not belong to the promoter group.
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