Tuesday, May 22, 2012

Elite KSB to sell off core business to Lee Say Group

Elite KSB on 21 May 2012 entered into a conditional sale and purchase agreement with Kendo Trading, a subsidiary of the Lee say Group, for the disposal of the entire issued and paid-up shares in each of the capital of its wholly owned-subsidiaries, KSB Distribution , Jordon International Food Processing , Soonly Food Processing Industries and SAFA Gourmet Food. Full announcement here

My understanding of this announcement is that the poultry distribution business is being sold off to a bigger but private company (Lee Say) and that all that remains of Elite KSB Holdings are its unsold investments, proceeds from the sale and one property that they did not manage to successfully sell earlier this year. Shareholders such as myself will have to guess whether it any special dividends will be announced upon completion of the sale.

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