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Article: SINGAPORE'S DBS DIVESTS HOLDINGS IN ASSOCIATED COMPANY FUJITEC.
- Article from:
- AsiaPulse News
- Article date:
- May 13, 2003
CopyrightCOPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SINGAPORE, May 13 Asia Pulse - Singapore's DBS Group Holdings Ltd (DBS) (SGX:DBSM) has completed a two-step transaction to divest its entire 26.3 per cent stake in Fujitec Singapore Corporation Ltd (Fujitec) for a total cash consideration of S$35.1 million (US$20.27 million).
Fujitec specialises in designing, manufacturing, installation and maintenance of elevators and escalators.
The total amount of S$35.1 million or S$13.50 per share paid to DBS Bank for the two-step transaction is equivalent to Fujitec's net book value based on its audited accounts for the financial year ended December 31, 2002.
Under the first step of the transaction, ...