According to a report in the Sydney Morning Herald of June 12th 2007 it is said that Ultrapay Limited has sold its share in Multivision that is owned indirectly by its subsidiary Chalmway.
The proceeds of the sale, a profit of nearly Aus $ 1.2 Million have been received by Ultrapay/Chalmway. There is no indication on who the buyer is. It is surprising that no Sri Lankan business report carried this information.
Please read the links given below.
Please update us the latest regarding Comet Cable such as who the buyer is and other related information as the days progress.
About Ultrapay -
http://finance.google.com/finance?q=ASX:ULTAnnouncement -
Ultrapay sells sharePDF Document Detailing the Sale -
Download PageFor those who cannot download, the PDF document reads as followsUltraPay today announces that it has sold its share in the Sri Lankan Pay TV business indirectly held by its subsidiary Chalmway Pty Ltd. The sale will result in a A$1.2m profit on the transaction in the current half year. The sale terms were unconditional and sale proceeds have been received. The profit received on the sale of the Chalmway business was at the top end of our expectations. It is a pleasing outcome given the considerable uncertainty surrounding the sale and the difficult environment of
Sri Lanka, Michael Boyd, Chairman of UltraPay Limited stated. The funds from this sale will provide the capital required for the London taxi mobile payments rollout and allow us to focus on the growth of this business The technical and commercial pilots have progressed extremely well, and we expect to be able to rollout in volume from October he added. The Company is also making progress toward the sale of the remaining holding in its other non-core business Telcogames. The anticipated cash return from this sale
should be in excess of $1.5m. Strong interest in the Companys mobile payments system from a number of European, Asian and South American countries provides further good growth opportunities for the Company.