Announce
Announce

Disclosure Details:

Phnom Penh SEZ Plc. would like to inform to the public that PPSP had takeover Sahas E & C Co., Ltd, who is a subsidiary of PPSP, holds 60% of the shares and 40% of the shares held by LCH, under the approval of Securities and Exchange Regulator of Cambodia on 18 March 2021.
The purpose of the takeover is to own the remaining 40% of the shares not currently own by PPSP. Sahas E & C Co., Ltd. is primarily engaged in all construction and building works including but not limited to engineering, design, procurement, project management and maintenance. Since Sahas E&C is a profitable company, by acquiring the remaining 40% shares that it does not own the results of PPSP will be enhanced both in the short and long term. As reviewed the Balance Sheet as at 30 September 2020 by our auditors Baker Tilly, the consideration to be paid and accepted by both parties is at its Book Value of USD 1,172,515.00 for the 40% shares not already owned.
Hence, the purchase consideration is to be paid in cash in 2 installments: Upon signing of the Shares Sales Agreement USD500,000.00 was on 18 March 2021 and the final payment of USD 672,514.82 to be paid before the 14 April 2021.
Please be informed accordingly.
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