INVICTA HOLDINGS IS READY TO SELL ITS STAKE IN THE KIAN ANN GROUP

INVICTA Holdings would dispose for R347.4 million its 51.19 percent shareholding in Singapore-based Kian Ann Group (KAG) to entities controlled by Zou Jian Liang and associates (ZOU) of 48.81 percent and to Loy Soo Chew of 2.38 percent. Agreement had also been reached to allow share subscriptions in KAG by IAH and ZOU, to facilitate an increase of KAG’s 27.6 percent stake in Kunshan Kensetsu Buhin (KKB) and its 50.01 percent shareholding in Modesty Investment Holding (MIH) to 100 percent, respectively. Invicta would cut its shareholding in KAG to 48.81 percent from 100 percent through the transaction. KAG is a global distributor of parts for heavy machinery, diesel engines and automotive, comprising wholly owned Kian Ann Engineering and Kian Ann Investment, which in turn house KAG’s investments in KKB and MIH. KKB is a China-based maker of rollers and idlers for heavy machinery. MIH owns investments in distribution operations in North America of parts for heavy machinery and diesel engines. Invicta said the main purpose of the deals was to align the interests with the company’s Chinese partners in the primary growth areas of the business, the US and China, which would allow for improved returns and asset allocation within the group.

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