CIM has sold all of its assets to The BrandHouse at Rs 225 million.
The transaction was approved at Rs 225 million following an independent evaluation conducted by Ernst&Young.
BrandHouse is one of the most important distributors and retailers of domestic appliances and electronics. It manages a number of stores, including, Galaxy, Panasonic, Beko, Zanussi, Black and Decker, Elba, Alcatel and Galanz together with the Samsung stores.
In general, the activities of CIM have been profitable, with a 17 % revenue growth at Rs 4.1 billion last September. The after-tax profits were at Rs 567.7 million (only 5 % lower than last year’s). However, if the remeasurement gains were to be put aside, the profits after tax have increased by 21 %.