General Announcement::Sale of step down subsidiary

Issuer & Securities

Issuer/ Manager
3I INFOTECH LIMITED
Securities
3IINFOTECH US$2.435MCB170726 - XS0308551166 - 3JDB
3IINFOTECUS$125.356M5%CB170426 - XS0769181982 - 2CCB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
15-Aug-2014 15:11:19
Status
New
Announcement Sub Title
Sale of step down subsidiary
Announcement Reference
SG140815OTHRUVKO
Submitted By (Co./ Ind. Name)
Issuer Services
Designation
SGX-ST
Effective Date and Time of the event
14/08/2014 00:00:00
Description (Please provide a detailed description of the event in the box below)
Professional Access Software Development Pvt. Ltd, a step down subsidiary of the Company, has completed a transaction for the sale of its entire business undertaking to Zensar Technologies Ltd. by way of a slump sale in an all cash deal. Further, in another transaction, 3i Infotech Holdings Pvt. Ltd., a Mauritius based subsidiary of the Company, has completed the transaction for the divestment of its stake in Professional Access Ltd. and has sold its entire shareholding to Zensar Technologies Inc. for a cash consideration. These sales are in line with the group's strategy to sell its non-core assets / investments and use the additional cash generated from such sale to deleverage its balance sheet and for business purpose.

Professional Access group, which is in the business of providing IT Services in relation to the Oracle ATG Commerce Suite, was acquired by 3i Infotech group in 2007.

Attachments

SGXAnnouncement.pdf
Total size =274K

DISCLAIMER: This announcement was prepared and issued by the named Issuer/ Manager to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNet for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the named Issuer/ Manager directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement.