[sharetrading] FW: JBF Industries - Bse Announcement

 

JBF Industries has informed BSE that the Company has entered into an understanding with CVCIGPU CLIENT ROSEHILL LTD & CVCIGPII EMPLOYEE ROSEHILL LTD (and certain of their affiliates) to acquire approx 2/3rd of such entities total convertible holding in JBF Global Pte Ltd., Singapore for approximately $60 mn and has accordingly executed a non-binding Term Sheet with them. The transaction is subject to approval of the Board of Directors of the Company and execution of definitive binding agreements. This transaction will enable the Company to further strengthen and grow its international operations.   The transaction is very positive to JBF Industries' shareholder since, Citi Group has invested $75 mn for 33% stake in July'07, which JBF is planning to buy back at $90 mn currently. JBF Industries' balance sheet has enough strength to finance this buy back through internal accrual and additional debt.    Thanks & Regards,   Sr.Research Analyst- PCG MF Global Sify Securities India Pvt Ltd 2nd Floor, 'C' Block, Modern Centre, 101 K K Marg Jacob Circle, Mahalaxmi, Mumbai - 400011

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