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DIGILAND International's subsidiary International Energy Group Pte Ltd (IEGPL) has entered into an interested person transaction aggregating US$1.498 million with Goodwood Associates Pte Ltd. This amounts to 4.77 per cent of the company's net tangible assets of US$31.418 million based on its latest audited financials on June 30, 2014.
Digiland said the transaction is in the normal course of business of oil trading carried out by the group, and the trade was made to Goodwood's customer through Goodwood. Goodwood and IEGPL share the margins equally.
It said the company's audit committee is of the view that the transaction is on normal commercial terms and not prejudicial to the interests of the company and its minority shareholders.
Goodwood is wholly owned by Lee Soek Shen, who is also an executive director at Digiland International.