Dragon Group dumps Dragon Technology Distribution

It is selling the subsidiary for US$19.4 million.

The board of directors of Dragon Group International Limited announced that the company had on 13 September 2012 entered into a conditional sale and purchase agreement with InflexionPoint Technologies Pte Limited for the proposed disposal of Dragon Group’s entire shareholding interest of 44,015,881 ordinary shares in its wholly-owned subsidiary Dragon Technology Distribution Pte Ltd.

The US$19.4 million consideration is based on the consolidated net tangible assets of DTD and its subsidiaries as at the date of the latest accounts of the Group as at 31 March 2012, and subject to the adjustment mechanism set out in the SPA.

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