RHDGF - Retail Holdings offloads 42% stake in India subsidiary

Retail Holdings ([[RHDGF]]) along with its subsidiaries and affiliates announced that its indirect owned subsidiary, Retail Holdings Asia entered into an agreement to sell ~42.4% of its equity interest in that company's subsidiary, Retail Holdings (India) to an international private investor.India B.V.'s assets include an ~59.0% equity stake in Singer India; remaining ~41% of Singer India is publicly owned.Transaction is anticipated to close before year end.Net cash consideration to be received for the India B.V. shares is ~$3.5M; ~54.1% of this amount is attributable to the Retail Holdings shareholders.Post the sale, Retail Holdings will have only two remaining principal assets: cash (including a 54.1% interest in the cash at Singer Asia) and a 12.8% indirect equity interest in Singer India.Singer India is primarily a wholesale distributor and manufacturer of sewing products and a wholesale distributor of home appliances throughout India

For further details see:

Retail Holdings offloads 42% stake in India subsidiary