AcroMeta Group has announced the proposed disposal of its 67% equity interest in its subsidiary, PT Acromec Trading Indonesia (PT Acromec), for an aggregate consideration of $5,000.
On Sept 30, the group entered into a share sale and purchase agreement with Anton Setiawan, the general manager of Acromec Engineers, a former subsidiary of the group, which was disposed of on June 11. Acromec Engineers was disposed for an aggregate consideration of $3.3 million.
Currently, Setiawan holds the remaining 33% of PT Acromec.
The consideration for the proposed disposal took into consideration the net liabilities attributable to PT Acromec of $41,000 as at Mar 31, the net loss attributable to PT Acromec of $12,000 during the same period, and the nature and future prospects of PT Acromec’s business.
The proposed disposal has since been completed as at Sept 30, with PT Acromec ceasing to be a subsidiary of the group.
Due to PT Acromec incurring consistent operational losses over the past three financial years, the group says that retaining it as a subsidiary would “adversely impact” the group’s overall financial performance.
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The group adds that the disposal “aligns with the group's strategic focus on optimising its business portfolio and enhancing long-term value creation, reflecting a deliberate effort to divest non-performing subsidiaries and concentrate resources on areas with higher growth potential.”
The disposal is not expected to have any material effect on the consolidated net tangible assets per share and the earnings per share of the group for the recently completed financial year ended Sept 30.
Shares in AcroMeta Group closed 0.2 cents lower, or down 6.67%, at 3.2 cents.
