Intraco I06 has announced the entry into a share transfer agreement between its wholly-owned subsidiary Intraco Trading and Authentic Coffee Holdings, both of which had entered into a joint venture (JV) agreement on Sept 6, 2022.
Intraco Trading will sell 19,000 ordinary shares in the capital of Intraco Prime, a separate Intraco subsidiary, to Authentic Coffee. The share transfer for a nominal consideration represents 19% of the total number of ordinary shares in the share capital of Intraco Prime.
After the transfer, Intraco Trading and Authentic Coffee will hold 51% and 49% of the shares in Intraco Prime, respectively.
A second share transfer will see Intraco Trading’s 51% stake in Intraco Prime sold to Intraco for a nominal consideration of $1.00.
After the second transfer, Intraco will hold a 51% stake in Intraco Prime, which will become its direct subsidiary. Authentic Coffee’s 49% stake in Intraco Prime will remain.
Intraco says that both the company and Authentic Holdings have decided to concentrate their resources and efforts on Intraco Prime’s position as the exclusive distributor of National Cellar 1573 Chinese baijiu liquor.
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The company expects both share transfers to be completed on Dec 1.
Shares in Intraco closed flat at 21 cents on Nov 29.
