WILLEMSTAD, Curaçao, April 10, 2017 /PRNewswire/ --
Retail Holdings N.V. (Symbol: RHDGF)
Retail Holdings N.V. (the "Company"), announced that it's 54.1% owned subsidiary, Sewko Holdings Limited, has placed additional shares of the Company's listed operating subsidiaries. In Bangladesh, an additional 4,616,833 shares were placed, reducing the Company's equity stake in Singer Bangladesh Limited to 64.1%. In India, 278,942 shares were sold, reducing the Company's equity stake in Singer India Limited to 72.4%. In Sri Lanka, an additional 10,620,435 shares were placed, reducing the Company's equity stake in Singer (Sri Lanka) PLC to 71.2%. The total proceeds from the sales, net of placement and brokerage commissions, taxes etc., were approximately $19.3 million, 54.1% of which is attributable to Retail Holdings (RHDGF).
Commenting on the placements, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "The placements represent another step in the Company's strategic program to monetize the underlying value of the Company's assets. The $19.3 million realized so far in 2017 is in addition to the $68.9 million realized from similar sales and placements in 2015 and 2016. Additional sales and placements are likely in 2017, subject to accommodating market conditions."
About Retail Holdings
Retail Holdings N.V.is a holding company with one principal asset: a 54.1% equity interest in Sewko Holdings Limited ("Sewko"), the parent company of Singer Asia Limited, a distributor of consumer durable products through public subsidiaries in Bangladesh, India and Sri Lanka, with consumer credit and other financial services available to qualified customers. Retail Holdings N.V. has no operating activities other than those carried out through Sewko/Singer Asia.
Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of Retail Holding's website: www.retailholdings.com. Price quotations for Retail Holdings shares are available on the "Pink Sheets" quotation service under the symbol "RHDGF".
For further information, please contact Amy Pappas at 1-914-241-3404.
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SOURCE Retail Holdings N.V.