Retail Holdings N.V. Completes Sale Of Subsidiary

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Apr 03, 2019, 09:53 ET

WILLEMSTAD, Curaçao, April 3, 2019 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. ("Retail Holdings", together with its subsidiaries and affiliates, the "Company"), announced today that the previously disclosed sale of shares of Retail Holdings Bhold B.V. ("Bhold") to a subsidiary of Arçelik A.S., a member of the Koç group of companies, Turkey, has successfully closed. Bhold's assets include a 57.0% equity stake in Singer Bangladesh Limited ("Singer Bangladesh"); the remaining 43.0% of Singer Bangladesh is publicly owned.

The consideration to be received for the Bhold shares is approximately US$75.0 million, subject to certain post-closing adjustments. The Company's profit from the transaction will be approximately $42.0 million. Approximately 54.1% of these amounts are attributable to the Retail Holdings shareholders.

Please see the Press Release on this subject, dated March 22, 2019, for additional details. Please also see the 2018 Earnings Press Release, dated March 28, 2018.

About Retail Holdings

Retail Holdings N.V. is a holding company with one principal operating asset, a 54.1% equity interest in Sewko Holdings Limited, the parent company of Singer Asia Limited, a distributor of consumer durable products through a public subsidiary in India. The Company has approximately $82.0 million in cash, of which $48.0 million is attributable to the Retail Holdings shareholders. Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com; additional information about Singer Bangladesh may be found at that company's website www.singerbd.com. Price quotations for the Company's shares are available on the "Pink Sheets" quotation services under the symbol "RHDGF".

For further information, please contact Amy Pappas at 1-914-241-3404.

SOURCE Retail Holdings N.V.