Noble Group Limited (together with its subsidiaries from time to time, known as the Group) announced that on 10 October 2018, the company disposed of its beneficial interests in PT Kaltim Bio Energi (KBE), a company incorporated in Indonesia, to Wadash Enterprises Pte. Ltd. (the purchaser) for a nominal consideration of US$1 plus the assumption by the purchaser of all outstanding payables owed by KBE, including US$10.4 million prepayment facility owed by KBE to the Group and all current and outstanding environmental liabilities and mine closure and rehabilitation liabilities related to KBE (consideration) (the disposal).
The disposal does not impact the proposed debt restructuring under the restructuring support agreement, as announced by the company on 14 March 2018.
The consideration was satisfied in cash and was arrived at following arm’s length negotiations on a willing-buyer, willing-seller basis, taking into account, inter alia, the relevant market and commercial considerations. Following the disposal, the company ceased to hold any interests in KBE and KBE ceased to be a subsidiary of the company.
Based on the latest announced unaudited financial results of the company for the six month period ended 30 June 2018, the book value and net tangible asset value attributable to KBE was approximately US$10.4 million.
The above transaction does not amount to a disclosable transaction for the purposes of Chapter 10 of the listing manual of the Singapore Exchanges Securities Trading Limited.
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/11102018/noble-group-limited-issues-subsidiary-notification/
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