KUALA LUMPUR (Feb 16): Tradewinds PLANTATION []s Bhd’s indirect unit Mardec International Sdn. Bhd is selling its 45% stake in R1 International Pte Ltd for US$25.86 million.

It said on Thursday, that Mardec International and other shareholders of R1 has entered into a conditional share sale agreement with Hainan State Farms Investment Ltd and Hainan Rubber Group (Singapore) Pte. Ltd to dispose of their entire 90% stake for US$51.72 million cash.

Under the agreement, Mardec International would dispose of its 45% stake or 3.15 million shares in R1 for US$25.86 million.

“R1 is principally engaged in the trading of natural rubber, latex concentrate and synthetic rubber. R1 is a global rubber trading company specialising in rubber commodity which operates in Malaysia, Thailand, Japan, China and India,” said Tradewinds Plantations.

As at Dec 31, 2011, the R1 group’s unaudited net tangible assets (NTA) were US$34.67 million. The disposal price represents the price to book ratio of 1.6575.

“The disposal price is conditional upon R1 group’s audited NTA at Dec 31, 2011 being not less than US$34.67 million and will be adjusted in the event of lower audited NTA by using the same price to book ratio,” it said.