KUALA LUMPUR: United U-Li Corporation, which manufactures cable support systems and light fittings, is selling all its shares in three units for RM200 million to'' Legrand France, SA.
The company said on Friday, June 10 that it was selling its entire stakes in United U-LI (M) Sdn Bhd, United U-LI Steel Service Centre Sdn Bhd, Cable-Tray Industries (M) Sdn Bhd.
U-Li said Legrand specialises in electrical and digital building infrastructures and reported sales of '3.9 billion in 2010. The company is listed on NYSE Euronext and a component of the CAC Large60.
Both companies had signed a memorandum of understanding on Friday and the envisaged indicative disposal consideration for the sale shares was RM200 million.
This also was based on the assumption the three companies were debt-free, cash-free and real property-free on the date of completion of the proposed disposal; and were able to operate as a going concern on a standalone basis.
According to U-Li's website, the products and services supplied by the group are used extensively in the telecommunication, oil and gas, transportation, power generation, water-works and CONSTRUCTION [] sectors while the integrated ceiling systems are used in the construction and renovation of commercial buildings.
In the first quarter ended March 31, 2011, it posted net profit of RM3.28 million on the back of RM34.44 million in revenue.
The company said on Friday, June 10 that it was selling its entire stakes in United U-LI (M) Sdn Bhd, United U-LI Steel Service Centre Sdn Bhd, Cable-Tray Industries (M) Sdn Bhd.
U-Li said Legrand specialises in electrical and digital building infrastructures and reported sales of '3.9 billion in 2010. The company is listed on NYSE Euronext and a component of the CAC Large60.
Both companies had signed a memorandum of understanding on Friday and the envisaged indicative disposal consideration for the sale shares was RM200 million.
This also was based on the assumption the three companies were debt-free, cash-free and real property-free on the date of completion of the proposed disposal; and were able to operate as a going concern on a standalone basis.
According to U-Li's website, the products and services supplied by the group are used extensively in the telecommunication, oil and gas, transportation, power generation, water-works and CONSTRUCTION [] sectors while the integrated ceiling systems are used in the construction and renovation of commercial buildings.
In the first quarter ended March 31, 2011, it posted net profit of RM3.28 million on the back of RM34.44 million in revenue.
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