SINGAPORE (Yosefardi) – PNE Micron Holdings Ltd, through its wholly owned subsidiary, PNE-Sino Pte Ltd and Mr Liew Nyoh Wah, a director of the Company have each entered into a sale and purchase agreement with Mr Abdul Rasid Bin Chaichok to acquire his entire 4.57% shareholding in PT PNE Indonesia for a total cash consideration of Rp448.67 million.
Following the completion of the Acquisition, PNE Sino’s shareholding in PNE Indonesia will increase from the existing 95.43% to 100%, of which 0.21% will be held in trust by Mr Liew for and on behalf of the Group. PNE Indonesia will become a wholly-owned subsidiary of PNE Sino.
Based on the latest audited account of PNE Indonesia as at 30 September 2014, the net asset value of PNE Indonesia was US$1.02 million, of which the 4.57% stake to be acquired represents approximately US$46,691.