XMH Holdings to sell 2.07 million Mech-Power shares to MHIESA

This will result in a gain on disposal of $10.034m.

XMH Holdings Ltd. has entered a sale and purchase agreement (SPA) with Mitsubishi Heavy Industries Engine System Asia Pte. Ltd. (MHIESA) to dispose of 2,072,000 ordinary shares in its wholly-owned subsidiary, Mech-Power Generator Pte Ltd.

Under the SPA, the purchase consideration payable by MHIESA is $12.33m, resulting in a gain on disposal of $10.034m for XMH Holdings.

The shares represent approximately 14.8% of Mech-Power’s issued and paid-up share capital.

As of 30 April, the net tangible assets of the sale shares amounted to $949,939, whilst their book value was approximately $2.3m.

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