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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pgi Grp | LSE:PGI | London | Ordinary Share | GB0006911696 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6455T PGI Group PLC 04 November 2005 PGI Group Plc PGI Group Plc ("PGI") announces that the Group has entered into a conditional agreement to dispose of the whole of its shareholding in PT Air Muring ("PTAM") to PT Huma Indah Mekar for a total consideration of US$6,295,000, payable in cash on completion. PTAM, a wholly owned subsidiary of PGI, operates a rubber estate in Sumatra, Indonesia. The value of its gross assets in the last published group accounts, at 31st December 2004 amounted to #1.71 million and for the year ended on that date it recorded a profit before tax of #658,000. The disposal is conditional on the approval for the sale and transfer of the shares by the Indonesian Government's Investment Co-ordinating Board and , if necessary, by PGI, shareholders. In this latter event, a circular will be despatched to shareholders in due course giving further details of the transaction and setting out a notice to convene an extraordinary general meeting at which a resolution to approve the transaction will be proposed. The consideration will be used by the Group to reduce net group debt to approximately #6.5 million which will considerably strengthen the Group's financial position. Approximately #7.8 million of the total borrowings is in the form of Loan Stock convertible at 25p a share. This is due to be converted or repaid during 2006. The disposal will result in the Group concluding its withdrawal from all its Indonesian businesses. The Group is now focused on Jensen, the Russian property investment management company which was acquired in April 2005, and on its tropical agriculture businesses in Southern Africa. This information is provided by RNS The company news service from the London Stock Exchange END DISUSARRVARARAA
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