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BE Group reports that it is selling its operation in China

Tuesday, 28 May 2013
BE Group, the listed trading and Service Company in steel and other metals said it has signed an agreement with Ovako on the transfer of its Chinese subsidiary, BE Group (Shanghai) Steel Trading.

In a press release, the company said that the transfer is expected to be completed before the end of June. The purchase price will be determined by a closing balance sheet and is estimated at approximately Skr10 Million.

It is expected that most of the purchase price will be paid at closing. The estimated purchase price will result in a small capital gain and will only have a marginal impact on BE Group's financial statements.

The President and CEO of BE Group, Kimmo Vškiparta, comments: “We have taken a strategic decision not to continue to be active in China and we are therefore pleased to have reached an agreement with Ovako on our existing."
By Scancomark.com Team

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