Last checked at 22 Oct 2018 07:00
October 19, 2018
London Stock Exchange London
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Dear Sirs/Madam,
Sub: Sale of Indirect Subsidiary, Black Ginger 461 Pty Ltd
This is to inform you that a wholly owned indirect subsidiary of the Company, viz, TS Global Minerals Holdings Pte Ltd, on October 18, 2018, entered into an agreement to divest its entire stake in its wholly owned step down subsidiary Black Ginger 461 Pty Ltd ("BG") which in turn holds 64% in Sedibeng Iron ore Pty Ltd, South Africa ("SeIO") which is the operating company. The stake has been divested to IMR Asia Holding Pte Ltd which is a group company of IMR Metallurgical Resources AG ('IMR"), a global metals and mining group headquartered in Switzerland, and a leading supplier of raw materials to the steel industry.
The details of divestments are as under:
Sr. No. | Particulars | Details |
1 | The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year | For FY 18 Revenue: ₹839.86 crore % of Revenue contribution to consolidated TSL revenue: 0.63%
Net Worth: ₹157.27 crore % of net worth contribution to consolidated TSL net worth: 0.26% |
2 | Date on which the agreement for sale has been entered into | October 18, 2018 |
3 | The expected date of completion of sale/ disposal | About 12 months |
4 | Consideration received from such sale/ disposal | Consideration of ZAR 366 million which is subject to adjustment for working capital and closing cash. |
5 | Brief details of buyers and whether any of the buyers belong to promoter / promoter group / group companies. If yes, details thereof | IMR Asia Holding Pte Ltd
Buyer does not belong to promoter/ promoter group /group companies |
6 | Whether transaction would fall within related party transactions? If yes, whether the same is done at "arms length" | It is not a related party transaction |
7 | Additionally, in case of slump sale, indicative disclosures provided for amalgamation/ merger, shall be disclosed by the listed entity with respect to such slump sale | Not Applicable |
This disclosure is made in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.
This is for your information and records.