Asset Acquisitions and Disposals::Disposal of interest in subsidiary
Issuer & Securities
F J BENJAMIN HOLDINGS LTD
F J BENJAMIN HOLDINGS LTD - SG1D58018368 - F10
Asset Acquisitions and Disposals
Date &Time of Broadcast
Announcement Sub Title
Disposal of interest in subsidiary
Submitted By (Co./ Ind. Name)
Karen Chong Mee Keng
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of F J Benjamin Holdings Ltd (the Company ) wishes to announce that the Company has entered into a sale and purchase agreement (the "S&P Agreement") with, amongst other parties, Catherine Deane on 28 February 2015.
Pursuant to the S&P Agreement, the Company agreed to sell and Catherine Deane, through Mine is 33 Limited (an entity beneficially owned by Catherine Deane), agreed to purchase the Company's entire shareholding interest (the "Interest" ) in Arcangel, comprising of 829,253 ordinary shares representing 60% of all the ordinary shares of Arcangel, for a total consideration of US$214,000 (the "Disposal"). The disposal will result in a loss of approximately $1.4 million comprising the net write off of goodwill and intercompany balances.
Upon completion of the Disposal, Arcangel will cease to be a subsidiary of the Company.
Total size =12K