CG seeks shareholders approval to sell stake in RI, Belgium units
Saturday, July 23 2016 - 03:06 PM WIB
India?s Crompton Greaves said it is seeking shareholders' approval to sell its entire 51 percent stake in PT Crompton Prima Switchgear Indonesia, and investment in CG Holdings Belgium NV.
The company said in statement Friday that divestment is part of the company's plan to divest its power business in Europe, North America and Indonesia at an enterprise value of about 115 million euro.
The proposed divestment will be part of the agenda of the upcoming August 30 annual shareholders meeting
The proposal provides for divesting company's entire investment in its subsidiary CG Holdings Belgium NV including in its subsidiaries and identified assets.
Besides, it provides for selling 51 per cent stake in PT Crompton Prima Switchgear Indonesia held by the Company's subsidiary, CG International Holdings Singapore PTE Ltd.
"In order to refocus on India operations, the board considered it prudent to evaluate monetization options for its non-India T&D business. Towards this, the board has on 9 March 2016 decided to divest the Company's power business in Europe, North America and Indonesia at an enterprise value of Euro 115 million," the statement said.
Editing by Reiner Simanjuntak