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PAN-UNITED Corporation's wholly owned indirect subsidiary, Resources Development (2010) Pte Ltd, has transferred 63,367,647 shares in PT Pacific Granitama (PTPG) to PT Sandico Synergy Resources (PTSSR), its existing joint venture partner in PTPG.
The transfer represents approximately 31 per cent of the total issued and paid-up capital stock of PTPG, Pan-United said in a Singapore Exchange filing on Saturday.
Upon completion of the transaction, the company, through Resources Development, owns approximately 49 per cent and PTSSR owns 51 per cent of the total issued and paid-up capital stock of PTPG respectively. Notwithstanding the transaction, PTPG will still be considered a subsidiary of the company.
The consideration for the transaction was US$2.23 million which is payable under a promissory note issued by PTSSR to Resources Development. Based on the latest unaudited financial statements of the company and its subsidiaries as at March 31, 2017, the book value of the sale shares is approximately S$3 million. The net tangible asset value of the sale shares is approximately S$3.55 million.
No valuation was conducted for the transaction, Pan-United said.