Yorkshire Group PLC
16 June 2003
FOR IMMEDIATE RELEASE
16 June 2003
YORKSHIRE GROUP PLC ('YORKSHIRE', 'COMPANY', OR 'GROUP')
DISPOSAL OF SUBSIDIARY
Yorkshire Group announces today that it has agreed terms for the sale of its
83.2 per cent shareholding in PT Yorkshire Indonesia ('PTYI') (the 'Disposal').
The Disposal forms part of the Company's previously announced debt reduction
Yorkshire Group has exchanged contracts with PT Warna Makin Mulia ('PTWMM'), a
16.8 per cent shareholder in PTYI, for a cash consideration of US$600,000 (circa
£360,000), payable on completion. The transaction is subject to certain closing
conditions, including the granting of regulatory approval by the Indonesian
investment board, gaining formal approval from Yorkshire's banks and the signing
of a toll manufacturing agreement with PTWMM.
PTYI generated a loss before tax of IDR 4,463m (circa £320,000) in the year
ended 31 December 2002 and held net assets with a book valuation of IDR 21,463m
(circa £1.49m) as at 31 December 2002. PTYI's principal activities are the
operation of a chemical auxiliaries plant and certain distribution operations.
The plant currently supplies a small proportion of the Group's stock
requirements within the Asia Pacific region. Following the Disposal, Yorkshire
Group will maintain its Indonesian supply of chemical auxiliaries by means of a
toll manufacturing agreement with PTWMM.
On completion, the proceeds of the Disposal will be used to reduce Group
Yorkshire Group Tel: 0113 244 3111
Andrew Dick (Chief Executive)
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