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Disposal of Investment in Teckwah Value Chain Korea Co. Ltd ("TVC Korea")
SINGAPORE,
15 May 2008 - Mainboard
listed Teckwah Industrial Corporation
("Teckwah" or "the
Group") today announced that its wholly-owned subsidiary, Techwave Media Services Pte Ltd had disposed of its entire shareholding comprising 18,000 shares in the capital of its associated company, TVC Korea.
Consequent to the disposal, TVC Korea had ceased to be an associated company of the Company. It would be renamed as Tech Value Chain Korea Co Ltd and would continue to be the Company's outsourcing partner in Korea.
The sales consideration for the Disposal in TVC Korea was 66,276,000 KRW, on a willing buyer, willing seller, basis. The consideration was fully settled in cash.
None of the Directors or controlling shareholders of the Company have any interest, direct or indirect (other than through their shareholdings in the Company), in the above-mentioned transaction.
The disposal is not expected to have a material impact on the consolidated net tangible assets per share and earning per share of the Company for the current financial year. |
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