Drew Advises Autron on Divestment of I.C Equipment for S$5.1million

17 December 2007 – On 5 December 2007, Autron Corporation Limited (the “Group”), a mainboard listed company on both the Australian and Singapore Exchange, announced that they have signed agreements with CEI Contract Manufacturing Limited to divest the Group’s interest and assets of its wholly owned subsidiary, I.C Equipment Pte Ltd, and its 100% equity stake in IC Equipment (Shanghai) Co. Ltd, for a total consideration of S$5.1 million.

The IC Equipment group was acquired in October 2002 by Autron for $3 million. Autron said that it is expected to record a gain of about $1.5 million from the divestment.

The sale consideration is made up of 30 per cent cash and 70 per cent by way of shares in CEI at 18 cents per share.

I.C. Equipment Pte Ltd was established as a company in the high technology business of designing, engineering and manufacturing of Electro-Mechanical modules and machines for different segments of the industry.

The Drew & Napier team was led by Mr Benedict Teo Lip Hua, Director of Drew & Napier.

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Founded in 1889, Drew & Napier LLC is one of Singapore’s largest and most established law firms, with over 200 lawyers. Consistently rated top tier in dispute resolution over the years by international ranking organisations like Asia Pacific Legal 500, Chambers Global: The World’s Leading Lawyers for Business, Practical Law Company and Asia Law Profiles, the firm has five senior counsel, the largest number in Singapore. Drew & Napier LLC is headed by chief executive officer, Davinder Singh, SC. Drew & Napier LLC is also highly rated in Intellectual Property and Tax, with market leading practices in Banking & Corporate, Corporate Insolvency & Restructuring, Telecommunications, Media & Technology, Competition, and Admiralty & Shipping.

For more information please contact:
Verona Huang
Corporate Affairs
Drew & Napier LLC
Tel: +65 6531 2482
Email: verona.huang@drewnapier.com

Lisa Lim
Corporate Affairs Executive
Drew & Napier LLC
Tel: +65 6531 2218
Email: lisa.lim@drewnapier.com