With reference to the earlier letter dated May 25, 2016 for sale of 50% equity stake in Sabah Forest Industries Sdn. Bhd., Malaysia (SFI) by Ballarpur Paper Holdings B.V. (BPH), a step down subsidiary of the Company and holding company of SFI to Pandawa Sakti (Sabah) Sdn. Bhd., Malaysia (Buyer) pursuant to the Share Sale Agreement (SSA) wherein the Company had extended the Long Stop Date (LSD) up to June 30, 2016, based on request of the Buyer. Ballarpur Industries has now informed that since the transaction has not been consummated within the above LSD, BPH has terminated the SSA and is invoking the Performance Guarantees of USD 50.0 Million furnished by the Buyer.
The above information is a part of company’s filings submitted to BSE.
Company Name | CMP |
---|---|
JK Paper | 405.70 |
TN Newsprints | 251.80 |
West Coast Paper | 597.60 |
Emami Paper Mills | 110.00 |
Andhra Paper | 507.90 |
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