4th Mar 2019 12:59
LONDON (Alliance News) - Kubera Cross-Border Fund Ltd on Monday said the long stop date for the disposal of its Planetcast Media Services Ltd has expired, although it is still focused on concluding the deal.
Kubera announced a share purchase agreement for its entire Planetcast stake for USD22.5 million back in March 2017 and, at the end of 2018, extended the long stop date for the seventh time. The sale was to an undisclosed private equity firm.
The long stop date first expired because Kubera had not yet been granted the necessary ministerial approvals.
Kubera specialises in investments in cross-border companies. Back in 2017, Planetcast - which provides technology to broadcasting companies in India - had a carrying value of USD27.3 million.
"All parties involved remain closely engaged. At this time the company is entirely focused on closing the transaction as soon as practicable," Kubera said.
Shares in Kubera were untraded at USD0.20 per share on Monday.