Amadeusz Juskowiak

Multistep to sell ladder unit cancel shares

MultiStep Products Inc earlier reporting an initial six month loss said it agreed to sell wholly owned MultiStep Manufacturing Inc for 100000 dlrs cash subject to shareholder and regulatory approval

MultiStep also said it will pay 900000 dlrs to cancel 711192 of its own shares which will be acquired from Michael Penhale and his benficiaries Penhale will control and manage MultiStep Manufacturing following the transactions

MultiStep had a 739146 dlr loss for the six months ended December 31 The company received its initial public listing in December

The company said its laddermaking unit has been losing 300000 dlrs quarterly

The sale expected to close in April also calls for retirement of the units 400000 dlr bank debt MultiStep said The unit also has agreed to pay a debt of 400000 dlrs to Tarxien Company Ltd which is 40 pct owned by MultiStep

MultiStep previously said it agreed to acquire the remaining 60 pct of Tarxien it does not already own

Reuter