TUAN SING HOLDINGS LIMITED
(Company Registration No. 196900130M)
(Incorporated in Singapore)
______________________________________________________________________
COMPLETION OF PARTIAL DIVESTMENT OF CERTAIN SHARES IN
GULTECH (JIANGSU) ELECTRONICS CO., LTD
BY A SUBSIDIARY OF THE COMPANY'S INDIRECT ASSOCIATED COMPANY
______________________________________________________________________
-
Introduction
The Board of Directors (the "Board") of Tuan Sing Holdings Limited (the "Company") refers to the Company's announcement dated 30 April 2021 (the "Announcement"). - Completion
Further to the Announcement, the Board is pleased to announce that the divestment by Gultech China Pte. Ltd. ("Gultech China"), a subsidiary of the Company's associated company, Gul
Technologies Singapore Pte. Ltd., of approximately 13% of the total shares in the issued share capital of Gultech (Jiangsu) Electronics Co., Ltd ("Gultech Jiangsu") to two groups of investors based in the People's Republic of China ("PRC"), Yonghua Capital and Wens Capital (the
"Yonghua Wens Transaction"), has been completed.
Additionally, as set out in the unaudited condensed interim financial statements for the half year ended 30 June 2021 as announced by the Company on 6 August 2021, Gultech China has entered into a sale and purchase agreement to divest a further stake of 2.5% of the total shares in the issued share capital of Gultech Jiangsu to the investment arm of the local authority Xishan Economic and Technology Development Zone (the "Xishan Transaction") for a consideration of RMB 83.75 million and the Xishan Transaction is currently pending completion.
Following completion of the Yonghua Wens Transaction and the Xishan Transaction, Gultech China and Gultech Jiangsu will remain as associated companies of the Company.
The onboarding of new shareholders as part of a broader restructuring of Gultech Jiangsu's shareholding capital is in line with its strategic review and positions Gultech Jiangsu for a possible listing in the PRC.
BY ORDER OF THE BOARD
William Nursalim alias William Liem
Executive Director/Chief Executive Officer
1 September 2021
Attachments
- Original document
- Permalink
Disclaimer
Tuan Sing Holdings Limited published this content on 01 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2021 13:41:04 UTC.