PCB | October 16, 2008
Aspocomp decreases ownership in Thai subsidiary
Aspocomp will decreased its shareholding in Aspocomp (Thailand) to about 6%. The new majority owners of Aspocomp (Thailand) are certain private persons belonging to immediate circle of Aspocomp's present Joint Venture partner, Saha Pathana Inter-Holding.
Aspocomp Group Oyj gave a loan of Baht 48 million to Aspocomp (Thailand) 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) is no longer consolidated into Aspocomp Group, this transaction decreases Aspocomp Group Oyj's consolidated interest bearing liabilities by about €14 million and the nominal value of interest bearing liabilities is now about €27 million, of which about €10 million is convertible bond issued in 2006. After this transaction Aspocomp Group's Equity ratio increases to about 18%. As a consequence of this transaction Aspocomp Group's continued operations is expected to have full-year net sales of about €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 % of Aspocomp (Thailand), 90% of Aspocomp Oulu Oy and 20% of Meadville Aspocomp Holdings.
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