CIM Sells All of its Assets to The BrandHouse

CIM has sold all of its assets to The BrandHouse at Rs 225 million.

business

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 %.

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