Disposal

RNS Number : 0189U

Camellia PLC

07 October 2010

 



Camellia Plc

Disposal - Update

7 October 2010

On 8 September 2010 the company announced that an agreement had been entered into for the sale of the group's entire shareholdings in its Bangladeshi associated undertakings, United Insurance Company Limited and United Leasing Company Limited subject to various regulatory consents. It was subsequently agreed that the sale would be completed by no later than 30 November and not 15 November 2010 as was stated in the announcement.

The company has been made aware that in a writ petition filed alleging breaches of Bangladesh securities regulations in connection with the transaction, the High Court Division of the Supreme Court of Bangladesh has issued an interim order upon the Bangladeshi Securities and Exchange Commission ("SEC"), Dhaka Stock Exchange and Chittagong Stock Exchange not to consent to the transfers of these shareholdings until disposal of the rule nisi issued in the writ petition.  The group's subsidiaries that are selling the shares have received legal advice which confirms that there has been no such breach.  However, it is possible that the completion of the sale will be after 30 November 2010. A further announcement will be made in due course. 

Further enquiries please contact Camellia Plc

Malcolm Perkins

01622 746655

 

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