Closure of transaction extended upto 29 February 2016
Ballarpur Industries' step down subsidiary Ballarpur Paper Holdings B.V. (BPH) and holding company of Sabah Forest Industries Sdn. Bhd., Malaysia (SFI), had signed a Share Sale Agreement (SSA) dated 23 September 2015, for sale of its entire equity stake of 98.08% in SFI.Ballarpur Industries now announced that at the request of Pandawa Sakti (Sabah) Sdn. Bhd., Malaysia (Purchaser), the long stop date for closure of the aforesaid transaction has been extended upto 29 February 2016.
Further, the Purchaser is in the process of issuing an additional performance guarantee for USD 10 Million, over and above the USD 12.50 Million performance guarantee issued earlier, as further commitment for the aforesaid transaction.
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