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DeClout to sell subsidiary to China's Citic Telecom International for S$75m

Wednesday, October 12, 2016 - 18:59
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CATALIST-listed DeClout is selling its entire 72.09 per cent interest in Acclivis Technology and Solutions to Citic Telecom International Holdings, a unit of China's largest state-owned investment firm, for up to S$75 million.

CATALIST-listed DeClout is selling its entire 72.09 per cent interest in Acclivis Technology and Solutions to Citic Telecom International Holdings, a unit of China's largest state-owned investment firm, for up to S$75 million.

DeClout has signed a conditional sale and purchase agreement with Citic Telecom's wholly-owned Citic Consultancy 1616 on Wednesday, said the firm in an announcement.

The proposed transaction is expected to yield positive financial impact, returning gross proceeds of up to S$45.6 million for the group, with a disposal gain of up to S$27.9 million and up to 158 per cent premium over the net

asset value of the sale shares for DeClout.

DeClout has also requested to lift the trading halt on its shares on Thursday. The counter was last traded at 21.5 Singapore cents on Tuesday.

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