Sale of Bangladesh associate companies
Sold entire holdings in two Bangladesh companies for approximately £7.9 million in cash proceeds.
- Cash proceeds Tk1,220 million (approximately £7.9 million)
- Net assets sold £9.5 million (prior at 30 June 2024)
- United Finance Limited ownership 38.4%
- United Insurance Company Limited ownership 37%
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Further to the announcement made on 31 October 2024, the Company is pleased to confirm that, following receipt of regulatory approvals, its subsidiaries have sold their entire holdings in United Finance Limited (38.4% ownership) and United Insurance Company Limited (37% ownership) by way of block trades on the Dhaka Stock Exchange on 10 and 11 November 2024. The estimated cash proceeds are expected to total Tk1,220 million (approximately £7.9 million). Camellia's net assets attributable to these holdings as at 30 June 2024 were £9.5 million. Settlement of the trades is expected to occur this week.
This represents a further step in the simplification and rationalisation of the Company's business.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.