The disposal does not impact the proposed debt restructuring under the restructuring support agreement, as announced by the company on 14 March 2018.
The consideration was satisfied in cash and was arrived at following arm’s length negotiations on a willing-buyer, willing-seller basis, taking into account, inter alia, the relevant market and commercial considerations. Following the disposal, the company ceased to hold any interests in KBE and KBE ceased to be a subsidiary of the company.
Based on the latest announced unaudited financial results of the company for the six month period ended 30 June 2018, the book value and net tangible asset value attributable to KBE was approximately US$10.4 million.
The above transaction does not amount to a disclosable transaction for the purposes of Chapter 10 of the listing manual of the Singapore Exchanges Securities Trading Limited.
