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Cox & Kings has divested 11.58% of its stake in Prometheon Holdings UK (PHUK), to SSG Capital for Rs.450 crore, after transaction expense and tax.
The company stated that, its wholly-owned subsidiary, Prometheon Enterprises (PEL) has sold 11.58% in Prometheon Holdings (UK) to an investee company of SSG Capital Management. PEL earlier held 65.58% stake in PHUK, but after the stake sale, the company will hold 54% of PHUK through PEL, while SSG Capital will hold 46%.
Furthermore, Cox & Kings Group CEO Peter Kerkar stated, “In continuation of our efforts to unlock value across businesses, we have divested 11.58% stake in PHUK to SSG Capital.”
