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Aspocomp Group Oyj (HEL:ACG1V) Aspocomp Group Oyj Company Announcement October 16, 2008 at 3:20 pm
ASPOCOMP'S OWNERSHIP IN ITS THAI SUBSIDIARY DECREASED; BANGKOK BANK RELEASED THE CORPORATE GUARANTEE
Aspocomp has today signed agreements related to a transaction in which it decreased its shareholding in Aspocomp (Thailand) Co., Ltd to about 6 percent. The new majority owners of Aspocomp (Thailand) Co., Ltd are certain private persons belonging to immediate circle of Aspocomp's present Joint Venture partner, Saha Pathana Inter-Holding Plc. Aspocomp Group Oyj gave a loan of Baht 48 million to Aspocomp (Thailand) Co., Ltd for partial repayment of its loans to Bangkok Bank (BBL). Due to these arrangements BBL released Aspocomp Group Oyj from its Baht 212 million corporate guarantee obligations.
As Aspocomp (Thailand) Co., Ltd is no longer consolidated into Aspocomp Group, this transaction decreases Aspocomp Group Oyj's consolidated interest bearing liabilities by about EUR 14 million and the nominal value of interest bearing liabilities is now about EUR 27 million, of which about EUR 10 million is convertible bond issued in 2006. After this transaction Aspocomp Group's Equity ratio increases to about 18 percent.
As a consequence of this transaction Aspocomp Group's continued operations is expected to have full-year net sales of about EUR 20 million and a positive EBITDA in 2008 due to leaner cost structure and more efficient operations. The continued operations mean the structure after the restructuring of the Aspocomp group including Aspocomp Oulu and the headquarter operations.
Aspocomp Group Oyj will own about 6 percent of Aspocomp (Thailand) Co. Ltd, 90 percent of Aspocomp Oulu Oy and 20 percent of Meadville Aspocomp Holdings.
For further information, please contact Isto Hantila, CEO, tel. +358 9 591 8342.
ASPOCOMP GROUP OYJ
Isto Hantila President and CEO
Aspocomp: Innovative interconnection solutions for the electronics industry The Aspocomp Group offers and develops innovative interconnection solutions for the electronics industry in close cooperation with its customers. We are strongly positioned as a supplier of data communications equipments and industry. We offer our global customers a fast road to mass production through flexible and cost-effective adaptation of new technologies.
The Aspocomp Group's production facility is located in Oulu, Finland. In 2007, the Group's net sales stood at EUR 22 million and it had about 150 employees at the end of June, 2008.
Distribution: The Nordic Exchange Major media www.aspocomp.com
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement. Aspocomp Group Oyj
