ukcitymedia news feed

Telit Communications expects to complete sale of automotive division in next three weeks

Telit Communications expects to complete sale of automotive division in next three weeks

Fri 1 Feb 2019 08:01 by about : operational news - 0 Comments - 644 words

Telit Communications PLC ("Telit", "the Group", AIM: TCM), a global enabler of the Internet of Things (IoT), provides an update on the sale of its automotive division which was due to complete on 31 January 2019.


TUS International Limited ("TUS") successfully received shareholder approval for both the transaction and the fundraising related to the financing of the transaction. Further TUS has confirmed that it is satisfied that the reorganisation has been completed and it expects to continue to proceed to completion in accordance with the agreed terms of the transaction. The parties are continuing to work to finalise the debt arrangements to support the transaction. To enable the parties to proceed to completion, Telit has agreed to grant a short extension, and considering the Chinese New Year holiday, completion is now expected to occur on or before 20 February 2019.


Sean Shen, President of TUS international, commented:


"We are pleased to have obtained shareholder approval and remain committed to the completion of this transaction. We expect to finalise the outstanding items and reach completion of the transaction shortly."


Paolo Dal Pino, Executive Chairman of Telit, commented:


"We look forward to announcing the completion of the transaction within the next three weeks."


These articles are summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.

Add a comment



Security key:



ukcitymedia news feed

Please take our RSS Feed and news to your Network and message boards. With thanks


ukcitymedia moderates but does not authenicate postings. Users are reminded that shares and all trading instruments by nature do not always prove to be good investments. Readers are reminded to do your own research. delivers UK stock market news, latest shares news, uk financial news, rns news articles, latest business news, latest uk financial news, stockmarket investment news, business news round-ups. director dealings bulletins, stock market reports, share trading articles, latest finance news, broker recommendations, uk city news, latest financial information. does not offer financial advice.