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Metcash Announces Successful Completion of the China Export Business by ECG

25 Feb 2019  |  13:42:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: ECG: ECG Completes Purchase of Metcash's China Export

Metcash advised that eCargo Holdings ("ECG") announced the successful completion and financial closure of its transformational acquisition of 85% of Metcash Export Services Pty which includes its subsidiary Metcash Asia, a wholly-owned foreign enterprise in China, from Metcash Trading ("Metcash"), a subsidiary of Metcash ("Metcash"), one of Australia's largest wholesalers. The acquisition was first announced at the inaugural China International Import Expo held in Shanghai on November 8, 2018. The consideration paid for the acquisition is A$2.5m plus 85% of the net asset value of the business of A$5.8m and deferred compensation of up to A$3.5m funded by a combination of ECG's existing cash reserves and available facility.

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