Accrelist's subsidiary, Jubilee, to unlock remaining shareholding in its Electronics Business Unit for S$21.4 million

- UPC Electronics Pte. Ltd. to acquire remaining 86% stake in Accrelist subsidiary, Jubilee's Electronics Business Unit (EBU).

- Upon completion of the disposals of all shareholdings in Jubilee's EBU, The Group's Net Tangible Assets (NTA) per share will increase to S$0.1783, reflecting Accrelist's deep value relative to its volume weighted average price of S$0.0476 (as at 21 March 2023).

SINGAPORE - Accrelist Ltd.'s 53.31%-owned subsidiary, Jubilee Industries Holdings Ltd, has entered into a Sales and Purchase Agreement (SPA) with UPC Electronics Pte. Ltd. (the "Purchaser") for the sale of the Company's remaining 86% shareholdings in We Components Pte. Ltd. (WEC) (the "Proposed Disposal").

The Proposed Disposal follows the successful completion of Jubilee's sale of 14% shareholding interest in WEC ("First Disposal") as announced on 9 March 2023. The Hong Kong incorporated Purchaser's main business is the promotion and distribution of products and solutions of semiconductor manufacturers in the People's Republic of China and overseas. Upon completion of the Proposed Disposal, WEC shall cease to be a subsidiary of Jubilee.

The aggregate consideration of US$15.9 million (approximately S$21.4 million based on the exchange rate of USD 1: SGD 1.3486) for the Proposed Disposal will be satisfied fully in cash. The Proposed Disposal will enable Jubilee to re-strategise its financial and capital resources. Accrelist's Executive Chairman and Chief Executive Officer, Dr Terence Tea, said, "The Proposed Disposal reflects the EBU's deep value. To the fullest extent permissible under the laws, Jubilee intends to return the sale proceeds to its shareholders in an effective and cost efficient

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(C) 2023 M2 COMMUNICATIONS, source M2 PressWIRE