Catalogue distribution company, Salmat (ASX:SLM) has entered into an agreement to sell its MicroSourcing Managed Services business for approximately $100 million to Probe BPO Holdings Pty Ltd.
The sale will occur by way of share sale and is subject to shareholder approval and approval from the Philippines regulator.
The sale is expected to complete by the end of February 2020.
Salamat CEO, Rebecca Lowde says “we believe that this proposal represents the best option for all stakeholders. New capital partners should enable MicroSourcing to invest in additional growth and the completion of this transaction will return funds to Salmat”.
Shares in Salmat (ASX:SLM) are trading 6.4 per cent higher at 83 cents.