Net cash to be received is approximately US$75 million, subject to certain post-closing adjustments.
Approximately 54.1% will flow to Retail Holdings shareholders.
Stephen H. Goodman, the Company's Chairman, President and CEO commented, "Following the sale, Retail Holdings only remaining operating asset will be Singer Asia's 59.1% equity interest in Singer India Limited. No decision has yet been made as to the form of the distribution of the proceeds from this transaction and the approximately $8 million in cash accumulated at Retail Holdings."
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