1.  INTRODUCTION

The Board of Directors of ITRONIC wishes to announce that the Company had on 14 August 2018 entered into a Share Sale Agreement with Mr Pang Jiye (China Passport No.: E24832554), a Chinese citizen of full age (“The Purchaser”) for the disposal of its entire shareholdings of 70,000 ordinary shares representing 70% of the total number of shares issued in Industrial Electronics Pte Ltd (Registration No.: 198602862G) (“IEGL”) to the Purchaser for a total consideration of SGD370,760.00 (Singapore Dollar : Three Hundred Seventy Thousand Seven Hundred and Sixty only) [hereinafter known as “the Disposal”].

2.  INFORMATION ON IEPL

IEPL, having its registered office at 627A, Aljunied Road, #05-12, Biztech Centre, Singapore 389842, was incorporated in Singapore on 18 December 1986 as a private limited company.  The issued share capital of IEPL is SGD100,001 (Singapore Dollar : One Hundred Thousand and One only) consisting of 100,001 ordinary shares of SGD1.00 each.

IEPL is principally involved in trading, maintenance and supply of industrial electronic equipment.

3.  FINANCIAL EFFECTS OF THE DISPOSAL

3.1     Share capital and substantial shareholders’ shareholding

The Disposal has no effect on the issued and paid-up share capital and substantial shareholders’ shareholding of ITRONIC. 

3.2     Earnings and net assets (“NA”)

The Disposal is not expected to have any material effect on the earnings and NA of the Company for the financial year ending 31 December 2018.  

3.3     Gearing

The Disposal has no effect on the gearing of ITRONIC Group for the financial year ending 31 December 2018. 

4.      INTERESTS OF Directors, MAJOR SHAREHOLDERS and/OR PERSONS CONNECTED TO THEM

None of the directors, major shareholders of ITRONIC and/or persons connected with them have any interest, direct or indirect, in the Disposal.

This announcement is dated 15 August 2018.