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Cg Power And Industrial Solutions Ltd - Update On Sale And Transfer Of The CompanyS Business In Hungary

| Updated on May 06, 2019 Published on May 06, 2019

This is in furtherance to our aforesaid communications informing the acceptance of the binding offer and the execution of Business Transfer Agreement and Share Sale and Purchase Agreement (Agreements) with Ganz Villamossagi Zrt and Alester Holdings Limited (Buyers) with respect of the sale of Assets and Shares of the Companys businesses in Hungary (excluding switchgear business) owned by the Companys subsidiary, CG Electric Systems Hungary Zrt (ESHU) at an Enterprise Value of Euro 38 mn.

We wish to inform you that certain conditions subsequent agreed to be performed between the parties have not been met, hence the Agreements have been terminated with effect from April 30, 2019.

While the Company continues to explore opportunities for divestment of business at Hungary, it continues to take appropriate steps aimed towards improving the operational and financial efficiency of ESHU.

We request you to kindly take the above information on record and acknowledge receipt of this letter.

Pdf Link: Cg Power And Industrial Solutions Ltd - Update On Sale And Transfer Of The CompanyS Business In Hungary

Source : BSE - www.bseindia.com

Published on May 06, 2019
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